Financial Analyst - Asset Management

Illinois Housing Development • Chicago, IL

34d • $60,089 - $75,111 • Hybrid

About The Position

This position is housed within the Asset Management department, which monitors long-term physical, financial, operational, and administrative compliance for IHDA-assisted developments. This particular position is housed within the following group: Portfolio Analysis: Ensures financial viability of properties through financial analysis, insurance and reserves administration, and loan servicing. Proactively identifies and responds to portfolio risks through an array of intervening measures including restructuring of ownership, management, and/or financing.

Requirements

• Bachelor’s degree required.
• Experience may be substituted for education at the discretion of the Asset Management department.
• 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).

Nice To Haves

• Experience with affordable housing preferred.
• 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.
• Certifications: CFS certification desired (achieved within one year or earliest available date, whichever is later).

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.

Benefits

• Paid time off, plus paid holidays
• Currently in a hybrid work arrangement, but candidates must reside in Illinois at time of hire
• Medical/dental/vision/life insurance plans
• Short/long term disability
• Tuition reimbursement
• Flex spending
• 401K plan – immediate vesting
• IHDA employees may be eligible for federal loan forgiveness programs

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 251-500 employees