Financial Reporting Analyst

2 weeks ago

Chicago, Illinois, United States Illinois Housing Development Authority Full time

Position Title:
Financial Analyst

Department:
Asset Management


The Illinois Housing Development Authority (IHDA) is dedicated to fostering a workplace that values diversity, recognition, and inclusion. We are committed to hiring individuals from various backgrounds to enrich our mission of financing affordable housing throughout Illinois.


About Us:

IHDA stands as one of the leading Housing Finance Agencies in the nation and ranks among the top ten financial institutions in the state. Our core mission is to facilitate the creation and preservation of affordable housing options across Illinois.

With oversight of over 20 federal and state programs, IHDA serves as a key resource for housing policy and program administration, having led the state in affordable housing financing for over five decades.


Position Overview:

Reporting to the Manager of Portfolio Analysis, this role is situated within the Asset Management department, responsible for monitoring the long-term compliance of IHDA-assisted developments in terms of physical, financial, operational, and administrative standards.


Key Responsibilities:
- Ensure the financial sustainability of properties through detailed financial analysis, management of insurance and reserves, and loan servicing.
- Identify and address portfolio risks through various interventions, including ownership restructuring and management adjustments.
- Develop and implement strategies to rectify financial compliance issues within properties.
- Collaborate informally with a compliance team for each project, which includes an Asset Manager, Compliance Analyst, and Physical Inspector.
- Gather and analyze data to determine annual financial ratings.
- Conduct financial monitoring reviews of assigned projects to ensure adherence to federal, state, and local regulations.
- Prepare and maintain all necessary financial compliance documentation in both hard copy and electronic formats.
- Communicate proactively with property owners and managers regarding financial issues and compliance requirements.
- Follow up on financial compliance deficiencies to ensure timely resolutions.
- Review audits, financial statements, and operating budgets to verify compliance.
- Perform financial calculations to assess feasibility and ensure compliance.
- Manage annual compliance submissions and ensure completeness.
- Review and process reserve withdrawal requests and analyze escrow deposits.
- Interface with clients regarding debt service payments and financial reporting requirements.
- Refer troubled properties to the Portfolio Risk Management group as necessary.
- Participate in discussions and meetings related to loan monitoring and delinquency as required.

Qualifications:
- Bachelor's degree is required; relevant experience may substitute for education at the discretion of the Asset Management department.
- Minimum of 2 years of experience in financial analysis or fiscal monitoring for multifamily rental housing developments is required, with a preference for experience in affordable housing.
- Knowledge of Generally Accepted Accounting Principles (GAAP) and audit protocols is desirable.
- Familiarity with funding sources such as LIHTC, HOME, Section 8, Risk Share, Tax Exempt Bonds, and the Illinois Affordable Housing Trust Fund is preferred.
- Proficiency in Microsoft Office Suite is essential.
- Completion of financial compliance and risk management training is required within one year of hire.
- CFS certification is preferred and should be obtained within one year of hire.

Additional Information:
- Valid Driver's License: Not required.
- Access to Personal Vehicle: Not required.
- Frequency of Travel: Not required.

Benefits:
- Paid time off and holidays
- Hybrid work arrangement available for Illinois residents
- Comprehensive medical, dental, vision, and life insurance plans
- Short and long-term disability coverage
- Tuition reimbursement options
- Flexible spending accounts
- 401K plan with immediate vesting
- Eligibility for federal loan forgiveness programs for IHDA employees.

EOE
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