Development Accountant

Richman Property Services•Greenwich, CT

8d•$85,000 - $100,000•Hybrid

About The Position

The Richman Group Development Corporation (TRGDC) is seeking a full-time Development Accountant to join their growing team in Connecticut. This role provides accounting and financial support for real estate development projects from acquisition through construction and stabilization. The Development Accountant will collaborate with various teams, including Development Managers, Asset Managers, Project Managers, lenders, investors, and corporate accounting teams, to ensure accurate financial reporting, budget monitoring, loan compliance, and timely funding requests.

Requirements

4-year Bachelor's degree in Accounting, Finance or related field required
2-5 years of accounting experience in multi-family or related industry such as real estate development, construction accounting, affordable housing or property accounting preferred.
Strong understanding of GAAP, real estate development accounting and construction cost tracking
Advanced MS Excel skills
Experience with Yardi, MRI, JD Edwards, Sage or similar accounting software systems
Excellent written and verbal communications skills

Nice To Haves

Experience working with LIHTC portfolios or projects, construction loans, or real estate partnerships are desirable

Responsibilities

Maintain the general ledger and project accounting records for assigned development entities.
Prepare and analyze monthly, quarterly, and annual financial statements.
Record and reconcile development costs, construction expenditures, capitalized expenses, and project funding sources.
Monitor project budgets and compare actual expenditures against approved development budgets.
Prepare lender and investor draw packages.
Review contractor requisitions and supporting documentation for payment requests.
Coordinate with construction, development, and finance teams to ensure timely draw submissions.
Assist with accounting and reporting requirements related to LIHTC, HUD, tax-exempt bond, and other affordable housing programs.
Monitor project costs for compliance with investor, lender, and regulatory requirements.
Support cost certification processes and coordinate with external consultants and auditors.
Assist in the preparation and updating of development budgets, sources and uses statements, and project cash flow forecasts.
Analyze project variances and provide explanations to management.
Review contract commitments, change orders, and project expenditures for accuracy and completeness.
Partner with development, construction, legal, asset management, and corporate accounting teams.
Participate in project meetings and provide accounting guidance related to development activities.
Support process improvements to enhance financial reporting accuracy and efficiency.