Compliance Auditor - Section 42 Compliance Experience Required

Utah Housing Corporation•West Valley City, UT

48d•$46,821 - $61,246•Hybrid

About The Position

Utah Housing Corporation (UHC) is seeking a full-time Compliance Auditor to support the Multifamily Finance & Development Department. This role is responsible for monitoring affordable housing projects to ensure compliance with Section 42 of the Internal Revenue Code, state requirements, and other applicable affordable housing program rules. The Compliance Auditor will conduct tenant file and financial reviews, perform physical property inspections, identify compliance issues, and collaborate with property owners and management agents to resolve any deficiencies and maintain compliance. UHC is a mission-driven organization focused on serving Utah's housing needs through finance and innovation, guided by core values of integrity, respect, communication, teamwork, collaboration, and growth and development.

Requirements

Associate degree or equivalent combination of education and experience.
Minimum of three years of experience working with Section 42 housing.
Strong understanding of Section 42 compliance requirements.
Proficiency with Microsoft Excel, PowerPoint, Outlook, and Word.
Strong analytical and organizational skills.
Attention to detail.
Effective written and verbal communication skills.
Ability to independently manage multiple projects, deadlines, and compliance requirements.
Ability to travel overnight as needed.
Ability to drive UHC vehicles.
Ability to participate in training and industry conferences.

Responsibilities

Monitor affordable housing projects for compliance with Section 42 of the Internal Revenue Code, state requirements, and applicable affordable housing program requirements.
Conduct tenant file and financial reviews to determine if owners and management agents are properly qualifying tenants and following program requirements.
Perform physical property inspections in accordance with the National Standards for the Physical Inspection of Real Estate (NSPIRE), including low-income buildings, a sample of low-income units, sites, building exteriors and interiors, building systems, common areas, and individual units.
Review Land Use Restrictive Agreements (LURAs) to ensure projects meet restrictive covenant requirements.
Analyze rent rolls, ledgers, fees, utility allowances, and other financial data to verify compliance with rent restrictions and limits.
Document audit and inspection findings in the compliance system.
Communicate audit results to appropriate parties and track required corrections.
Monitor the completion of deficiencies to ensure they are addressed within required timeframes.
Support the issuance and resolution of IRS Form 8823 when applicable.
Monitor quarterly tenant and financial reporting through the Certification Portal.
Communicate with owners and management agents regarding outstanding reporting requirements and issue notices for non-compliance.
Review annual compliance reports.
Maintain accurate project and ownership information in the Multifamily Finance Compliance database.
Notify owners and the IRS of applicable compliance issues.
Provide technical support and guidance to property owners, management agents, and on-site personnel regarding Section 42 compliance.
Respond to questions and correspondence, and assist with issue resolution.
Interface with the IRS regarding compliance matters as needed.
Contribute to the development and updating of compliance procedures, forms, training materials, presentations, and webinars.