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Illinois Housing Development Authority · 1 month ago

Financial Analyst - Asset Management

Chicago, IL, US

Full-time

Hybrid

Entry, Mid Level

$60K/yr - $75K/yr

2+ years exp

The Illinois Housing Development Authority (IHDA) is one of the Nation’s preeminent Housing Finance Agencies focused on financing affordable housing in Illinois. The Financial Analyst position within the Asset Management department is responsible for monitoring the financial viability of properties, ensuring compliance with financial regulations, and proactively addressing portfolio risks.

Financial ServicesLendingReal Estate

Responsibilities

Implements proactive strategies to resolve properties’ financial condition compliance issues

Informally paired with a compliance group for each project inclusive of an Asset Manager, Compliance Analyst, and Physical Inspector

Collects and contributes data and analysis to determine annual financial rating

Conducts financial monitoring reviews and analysis of assigned portfolio of projects based on prescribed timeframes (to assess and facilitate compliance with applicable Federal, State, local rules and standards)

Prepares and maintains all financial compliance documentation (including compliance monitoring findings, responses, resolutions, reports) in hard copy or electronic form as required

Proactively communicates with the property owner, manager, agent regarding financial issues, compliance requirements, reserve requirements, surplus cash, options and deadlines for resolution

Proactively follows up on previously noted financial compliance deficiencies to ensure proper and timely resolution

Reviews audits, financial statements, operating budgets, and other financial documents to verify compliance

Performs simple and complex financial calculations based on owner/agent submissions as well as internal data to assess financial feasibility/viability and ensure compliance

Intakes and tracks annual compliance submissions, review packages for completeness, follow-up regarding incomplete or error-filled submissions, and process

Reviews, approves, and processes reserve withdrawal requests

Analyzes escrow deposits

Analyzes debt service coverage ratios

Performs client interface related to debt service payments, resolution of delinquent accounts, and financial reporting requirements

Appropriately refers troubled properties to the Portfolio Risk Management group

Participates in pre-closing, closing, pre-occupancy, and post-closing discussions and meetings as appropriate

Participates in regular loan monitoring, watchlist, delinquency meetings as appropriate

Performs other duties and handles other special projects/initiatives as assigned

Qualification

Financial analysisFiscal monitoringGenerally Accepted Accounting PrinciplesAffordable housing experienceMicrosoft Office SuiteRisk management trainingCFS certificationCommunication skillsProblem-solving skills

Required

Bachelor's degree required

At least 2 years' experience conducting financial analysis or fiscal monitoring for multifamily rental housing developments required

Proficiency in Microsoft Office Suite required

Training: Financial, financial compliance, risk management training required (completed within one year or earliest available date, whichever is later)

Preferred

Experience with affordable housing

Proficiency in Generally Accepted Accounting Principles (GAAP) and audit protocols desired

Thorough knowledge of the following funding sources/programs desired: LIHTC, HOME, Section 8, Risk Share, Tax Exempt Bonds, and Illinois Affordable Housing Trust Fund

CFS certification desired (achieved within one year or earliest available date, whichever is later)