Position Identification
Title: Chief Financial Officer
Location: Los Angeles / Yorba Linda
Reports to: Chief Executive Officer
Start Date: ASAP
Company Description
Impact Housing is a vertically integrated housing development and production company whose mission is to solve the housing crisis among low- and moderate-income households in Southern California. Impact Housing is headquartered in the Bunker Hill district of downtown Los Angeles, coupled with a 51K SF modular manufacturing facility located in Yorba Linda and a satellite construction office in the Grantville district in San Diego.
Impact Housing closed a $25M Series A round of financing in September 2021 and is currently negotiating a term sheet for a secondary capital expansion round for plant capex and PropCo equity estimated at $70M, expected to close Q1 2024. The organization has a board of advisors comprised of the retired CFO of Clayton Homes (Gross revenues $12B, wholly owned by Berkshire Hathaway).
The CFO’s role is to lead an EBITDA driven vertically integrated real estate services platform that delivers critically needed products and services to institutional real estate investors in Southern California. The CFO oversees both an innovative OpCo structure and a traditional PropCo platform that breaks the mold in commercial real estate development.
Impact Housing currently has contractual MSA (Master Service Agreements) in place for 425 units which translates into approximately $36.7M to the top-line revenue for the operating platform. The current pipeline consists of 3 projects that are fully capitalized with programmatic institutional real estate investment partners. The future pipeline has a growing acquisition project list of 1,600+ total units under contract through 2026. Impact Housing anticipates the current headcount of 160 is expected to stabilize at 200 employees by the end of 2025.
The mission of providing affordable housing is strongly imprinted into the organization’s culture. The company has a flat structure geared towards rapid growth with its manufacturing facility fully booked out through 2025. The business model stabilizes in 2024 to deliver 800 modules per year in 2025. Because the organization is innovating a new business model within the real estate industry, the culture has great openness to adopting groundbreaking new approaches supported by large-scale data. Impact Housing’s culture balances the intensity that comes with this kind of entrepreneurial work pace with ample opportunities to bond as a team.
Reporting Relationships
The Chief Financial Officer reports to the Chief Executive Officer and on a scale, will lead a team of 15+ planned professionals in FP&A, accounting, risk management, HR, Facilities, Communications and IT. In addition to the CEO and founder, the CFO is a key member of the cross functional organization executive leadership team including as peers the Chief Technical Officer and Chief Operating Officer. The CFO will facilitate the various board of advisors' quarterly and annual meetings. Currently the Corporate Controller, Accounts Payable, and Payroll associates all report directly to the CFO.
Summary of Position
Impact Housing seeks a CFO to lead the company’s finance and accounting operations. The successful candidate will augment the company’s corporate systems and controls and oversee the organization’s broader requirements around financial reporting, cash flow management, financial planning, and analysis, platform modeling, contractual / risk management, and operational accounting. He or she will be responsible for all PropCo investments supported by deep financial analysis, underwriting, due diligence, credit, and market analysis and will be a member of the Investment Committee. Future rounds of raising capital and debt are planned for Q1 2025 to Q1 2025 and will be a major part of the CFO’s responsibilities. In addition, the CFO will oversee the implementation of business intelligence solutions that sit above all the various vertical-specific software platforms. The CFO is responsible for hiring his entire FP&A and accounting support teams.
Ideal Profile
The ideal candidate will be a current sitting public or private company CFO for a diversified and vertically integrated commercial real estate developer/general contractor. Prefer someone with past operational background (experience and or education) in light to medium manufacturing and real state environments. Impact Housing is also considering a Divisional/Subsidiary Director of Finance for the manufacturing business vertical that will play a key role in providing KPI visibility of the future plant activity to the C suite.
Essential Duties and Responsibilities
The successful candidate will have the following knowledge, skills, and abilities:
- Deep experience in financial leadership in multifamily, commercial, or master plan (horizontal) design + development + construction company or at a minimum multi-facility operational level oversight of development + construction.
- Some expertise in strategic and operational financial leadership for manufacturing preferably modular is required. The position requires production line drivers and KPI conversant and able to shape and mold the next hire (Director of Finance) who will be his right-hand person at the factory.
- Track record of mentoring and overseeing teams of sophisticated real estate financial modelers, should possess an almost academic knowledge of complex real estate transactions, waterfalls, and structured debt and equity solutions for acquiring and controlling commercial real estate projects and or funds.
- Proven experience in strategic FP&A, financial reporting, cash management, tax planning, risk/contract management, capex, and asset management.
- Deep understanding of financial consolidations, mastery of forward-profit thinking, and ability to command and choreograph results even during aggressively scaling business verticals and cross functional.
- Individual will inspire the other leaders in the company and be primary financial/economic subject matter expert to outside investors and other key stakeholders.
- Ideally proven ability to manage the financial aspects of architect/subcontractor and property management, but not necessary.
- Experience driving business strategies through the engineering and use of BI tools on an enterprise scale preferably using advanced software such as Tableau, Microsoft Power BI, Metabases or IBM Cognos Analytics.
- Strong problem-solving capability with the ability to create value at the enterprise level.
- Ideally with a strong rolodex of contacts in banking/investment/equity circles across Southern California.
- Track record of success and desire/commitment to scale a high-growth organization.
Leadership and Technical Skills
- Strong passion for Impact Housing’s mission to innovate the housing market by scaling housing production to historically high levels for low- and mid-income households.
- Strong team player who recognizes the importance of accurate and insightful financial reporting and the interdependency of each vertical for critical business plan information.
- Willingness to explore and implement innovative processes and solutions required in renovating decades-old real estate development industry paradigms.
- Strong executive presence and sense of professionalism with a creative, driven, and entrepreneurial style.
- Deep commitment to ethics and to embedding ethics throughout the organization.
- Strong desire for a long-term commitment to grow with the company.
Education & Training
An undergraduate degree and MBA are required; a CPA and or CFA is strongly desired.
Physical Requirements
Prolonged periods of walking, standing, and working in various environmental conditions.
Ability to travel as needed to oversee multiple locations and projects.
Compensation
Competitive salary range of $275,000 - $300,000 depending on experience.
Health benefits: Medical, Dental, FSA, HSA.
Competitive Bonus
Vacation, Sick Time, and Holiday Pay.
401K Retirement Plan
Note
This job description in no way states or implies that these are the only duties to be performed by the employee(s) of this position. Employees will be required to follow any other job-related instructions and to perform any other job-related duties requested by any person authorized to give instructions or assignments. All duties and responsibilities are essential functions and requirements and are subject to possible modification to reasonably accommodate individuals with disabilities.
Impact Housing is an equal opportunity employer, drug-free workplace, complies with ADA regulations and does not discriminate against any employee or job applicant because of race, color, religion, national origin, medical condition, pregnancy, sex, gender identity, gender expression, age, veteran status, physical or mental disability, or other applicable legally protected characteristics.
For more information about Impact Housing, visit ihousing.us.
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