Staff Accountant II/III –Development

Norfolk Redevelopment And Housing Authority•Norfolk, VA

2d•$65,430 - $82,500•Onsite

About The Position

The Development Staff Accountant is responsible for the financial management, accounting, reporting, and compliance activities related to NRHA’s real estate development and redevelopment projects, as well as real estate transactions (acquisition/disposition). This position supports affordable housing development, mixed-finance transactions, tax credit properties, public-private partnerships, and capital improvement projects by ensuring accurate financial reporting throughout the project lifecycle—from acquisition and predevelopment through construction, lease-up, stabilization, and project closeout. The Development Accountant works closely with Real Estate Development, Finance, Portfolio Analyst, Procurement and external partners to maintain financial integrity, ensure regulatory compliance, and provide timely financial information for decision-making.

Requirements

Bachelor's degree in Accounting, Finance, or a closely related field.
Three to five years of progressively responsible accounting experience (for Staff Accountant II).
Five or more years of progressively responsible accounting experience (for Staff Accountant III).
Experience with construction, real estate development, or project accounting preferred.
Experience with affordable housing, governmental accounting, or nonprofit accounting is highly desirable.
Equivalent combinations of education and experience may be considered.
Must possess a valid driver’s license.
Subject to a background check and reference verification prior to hire.
Must maintain confidentiality and adhere to NRHA’s code of conduct and ethics policies.
Intermediate to advanced understanding of Generally Accepted Accounting Principles (GAAP), fund accounting, and financial reporting requirements.
Knowledge of HUD financial management and reporting procedures, including Public Housing, Housing Choice Voucher (HCV), and other federal grant programs.
Knowledge of concepts, principles and practices of LIHTC.
Understanding of cost allocation methodologies, restricted funds, and multi-fund accounting.
Familiarity with federal and state regulatory compliance in a public-sector or nonprofit finance environment.
Knowledge of internal control frameworks and audit procedures.
Proficiency in accounting software systems (Yardi, Emphasys, or comparable ERP systems).
Advanced Microsoft Excel skills, including data analysis tools, formulas, and pivot tables.
Strong attention to detail and accuracy.
Strong analytical and quantitative problem-solving skills with the ability to identify and resolve discrepancies.
Excellent written and verbal communication skills to prepare clear financial reports and explain complex financial data.
Strong organizational skills with the ability to manage multiple priorities and meet deadlines.
Ability to work independently and exercise sound judgement when handling sensitive financial information.
Ability to interpret and apply HUD and other funding agency financial guidelines.
Ability to work effectively in a collaborative team environment.
Ability to maintain confidentiality, integrity, and professionalism in all financial matters.
Ability to adapt to evolving technologies, financial systems, and regulatory requirements.

Nice To Haves

Experience with LIHTC developments.
Experience with HUD programs and public housing finance.
Experience with ERP accounting software such as Yardi, RealPage, Elite, or comparable financial systems.

Responsibilities

Establish and maintain accounting records for all development and redevelopment projects; create and monitor project budgets within the accounting system; track project expenditures against approved development budgets; record all construction, development, acquisition, and financing transactions; maintain separate accounting records for each development entity, grant, and funding source; monitor project cash flow and funding availability; prepare monthly financial statements for development entities; reconcile project accounts, bank accounts, and general ledger balances; and ensure all project costs are properly capitalized in accordance with GAAP.
Prepare journal entries; perform account reconciliations; approve/process invoices related to development projects; assist with annual budget preparation; assist with year-end closing activities; and recommend improvements to accounting procedures and internal controls.
Track contractor payment applications; coordinate processing of construction draw requests; verify supporting documentation for payment requests; track retainage balances; maintain construction contingency schedules; reconcile construction draws with lender funding; and coordinate payments with finance staff.
Monitor loan balances and financing proceeds; maintain lender reporting schedules; prepare funding reimbursement requests; ensure compliance with funding requirements; and track funding from multiple sources (including but not limited to Low-Income Housing Tax Credits (LIHTC), HOME Funds, CDBG, State Housing Funds, bonds, conventional loans, and private equity investments)
Prepare monthly development financial reports; produce project cost reports for management; prepare sources and uses analyses; maintain budget-to-actual reports; prepare cash flow forecasts; assist in preparing financial information for Board presentations and prepare year-end workpapers for auditors.
Ensure compliance with GAAP, HUD regulations, loan covenants, tax credit requirements, development agreements and internal accounting policies; documentation supporting all development expenditures is maintained; and assist during external audits and monitoring reviews.
Participate in project kickoff meetings; attend development progress meetings; work closely with development managers regarding project budgets; assist with project financial feasibility analyses; support financial closings and project conversions; coordinate financial information required by lenders, investors, and government agencies.
Perform other related financial and administrative duties as required to support departmental and agency objectives.