Financial Compliance Analyst
2 weeks ago
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 varied backgrounds to enrich our mission of financing affordable housing throughout Illinois.
About Us:
IHDA stands as one of the nation's leading Housing Finance Agencies and ranks among the top ten financial institutions in the state. Our core mission is to facilitate the creation and preservation of affordable housing across Illinois.
With oversight of over 20 federal and state programs, IHDA serves as a key resource for housing policy and program administration. For more than five decades, we have been at the forefront of financing and supporting affordable housing initiatives.
Position Overview:
Reporting to the Manager of Portfolio Analysis, this role is situated within the Asset Management department, responsible for overseeing the long-term physical, financial, operational, and administrative compliance of IHDA-assisted developments.
Key Responsibilities:
- Ensure the financial sustainability of properties through comprehensive financial analysis, management of insurance and reserves, and loan servicing.
- Proactively identify and mitigate portfolio risks through various interventions, including restructuring ownership, management, or financing arrangements.
- Develop and implement strategies to address financial compliance issues within properties.
- Collaborate 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 applicable federal, state, and local regulations.
- Prepare and maintain all necessary financial compliance documentation, both in hard copy and electronic formats.
- Communicate effectively with property owners, managers, and agents regarding financial matters, compliance requirements, and deadlines for resolution.- Follow up on previously identified financial compliance issues to ensure timely resolution.
- Review audits, financial statements, operating budgets, and other financial documents to verify compliance.
- Perform both simple and complex financial calculations to assess the financial feasibility and ensure compliance.
- Manage annual compliance submissions and review packages for completeness, addressing any errors or omissions.- Approve and process reserve withdrawal requests and analyze escrow deposits and debt service coverage ratios.
- 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 pre-closing, closing, pre-occupancy, and post-closing processes.
- Undertake additional duties and special projects as assigned.
- Engage in regular loan monitoring and delinquency meetings as appropriate.
Qualifications:
- Bachelor's degree required; relevant experience may substitute for education at the discretion of the Asset Management department.
- Minimum of 2 years' experience in financial analysis or fiscal monitoring for multifamily rental housing developments is required, with a preference for experience in affordable housing.
- Proficiency in Generally Accepted Accounting Principles (GAAP) and audit protocols is desired.
- Comprehensive knowledge of funding sources/programs 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 required.- Financial compliance and risk management training is required (to be completed within one year of hire).
- CFS certification is preferred (to be achieved within one year of hire).
What We Offer:
- Paid time off and holidays
- Currently offering a hybrid work arrangement, with candidates required to reside in Illinois at the time of hire.
- Comprehensive medical, dental, vision, and life insurance plans
- Short and long-term disability coverage
- Tuition reimbursement programs
- Flexible spending options
- 401K plan with immediate vesting
- Eligibility for federal loan forgiveness programs for IHDA employees.
- Flexible scheduling available after a six-month probationary period.
EOE
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