Tax Oriented Investments - Affordable Housing - Associate

JobID: 210492960
Category: Administrative Support
JobSchedule: Full time
Posted Date: 2024-03-13T18:35:15+00:00
JobShift:
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We are seeking an experienced Administration Associate to join our team! As a Tax Oriented Investments - Affordable Housing - Associate within the Direct Affordable Housing (DAH) Group, you will play a crucial role in monitoring LIHTC Compliance of DAH investments and supporting the Compliance Manager within DAH's portfolio.
The Direct Affordable Housing (DAH) Group within Tax Oriented Investments (TOI) is an equity investor in Affordable Housing for low income families and older adults. The group is based in Chicago, and is part of the Investment Bank's Securitized Products Group. DAH primarily invests through syndicators as a sole limited partner in Single Investor Funds (SIF) that qualify for IRS Code Section 42 low-income housing tax credits (LIHTC).
The Compliance Analyst will be responsible for monitoring enforcement and support to ensure program and regulatory compliance for the LIHTC portfolio.
Job Responsibilities:
* Oversee LIHTC Projects within an assigned portfolio to ensure compliance with Section 42 program regulatory requirements.
* Review/Approve Annual File Review Audits and monitoring for submission of File Review Corrections.
* Build and maintain strong relationships with our business partners with participating in annual meetings, hosting monthly/bi-monthly calls, as well as monitoring and resolving compliance issues within our partner's portfolio.
* Monitoring LIHTC projects for lease-up progress and requesting/reviewing initial files to minimize risk of loss of credits, including income/asset calculations, rent/income limits, utility allowance requirements, and adherence to LIHTC program regulations.
* Timely updates to internal tracking system for portfolio monitoring.
* Track annual reporting submissions as required by state agencies for accuracy and timeliness.
* Monitor portfolio for state agency audits and reviewing to evaluate potential credit loss risk along with tracking any required finding corrections for accuracy/timeliness.
Required qualifications, capabilities, and skills:
* Bachelor's Degree in finance, business, economics, or real estate finance.
* Experience (e.g., internship) in real estate or related area or Property Management Experience with a Multi-Family LIHTC property.
* Strong analytical and problem solving skills.
* Detail oriented and accurate, with a strong desire to learn and excel.
* Ability to work independently and interact with different levels of management.
* Ability to prioritize workload and competing demands for time and attention.
* Strong Communication skills (written and verbal).
Preferred qualifications, capabilities, and skills:
* Preferred experience of compliance processing LIHTC paperwork as well as general Affordable Housing Certifications (NAHMA: TCS and/or HCCP)