Tax Credit Analyst I (Allocations)
About The Position
Under general supervision, and pursuant to Section 42 of the Internal Revenue Code and NJ QAP, review and evaluate Low Income Housing Tax Credit (LIHTC) applications to award tax credits perform tasks associated with finalizing tax credit allocations and the issuance of IRS form 8609 upon completion of the LIHTC project; participate in presentations at Low Income Housing Tax Credits conferences and seminars; and perform related duties as required. Does strategic planning of long-term goals for allocations and compliance and assist in the preparation of the Qualified Allocation Plan, Application & Compliance Manual. Conduct research relative to LIHTC program legislation and other legislation that may impact the LIHTC program and keep abreast of changes to Section 42 of the Internal Revenue Code, its regulations, notices, letter rulings, revenue procedures and revenue rulings. Provide training to HMFA staff, developers and other professionals regarding Federal and HMFA LIHTC requirements and participates in or makes presentations at LIHTC seminars and conferences. Review LIHTC applications in accordance with New Jersey Qualified Allocation Plan and IRS Code and Regulations. Prepare and/or process/track written documentation for projects awarded tax credit allocations, including 42m letters, Carryover Applications and IRS Form 8609. Review and analyze tax credit exchange and hardship requests. Prepare Requests for Action for the HMFA Tax Credit Committee. Prepare and process documentation for IRS form 8610 in accordance with IRS Code and Regulation. Conduct special assignments as needed; including preparation of Y-15 policies and procedures manual, Standard Operating Procedure manuals, reporting for national surveys as needed and other special assignments at the request of the Assistant Director. Teach, mentor and oversee the work of Level I and/or Level II. Review work of Level I and/or Level II to ensure attainment objectives and compliance with the QAP and IRS Code and Regulations. Review social service plans in LIHTC applications in accordance with the New Jersey Qualified Allocation Plan and IRS Code and Regulations as needed.
Requirements
- Two (2) year college degree
- Five (5) years of related experience
- Knowledge of computer programs, particularly MS Excel and MS Word
- Knowledge of Federal, State and local housing programs including Low-Income Housing Tax Credits, Section 8, Community Development Block Grants, HOME, HOPE VI
- Knowledge of HMFA statutes, regulations, programs and underwriting criteria
- Ability to perform and analyze financial calculations and draw conclusions
- Ability to analyze income and expense budgets
- Ability to communicate effectively, orally, in writing and to listen actively
- Ability to organize and accomplish multiple assignments simultaneously under time constraints
- Ability to maintain a positive work atmosphere in an appropriate manner of behavior that ensures cooperation and effective communication with customers, clients, peers and management
- No later than the one-year anniversary of the employee's start date; analyst shall have successfully completed an NJHMFA approved tax credit certification course
- Employee must satisfy the continuing education requirements to maintain his/her tax credit certification
- A valid driver’s license in the state in which the person resides required only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
Responsibilities
- Review and evaluate Low Income Housing Tax Credit (LIHTC) applications to award tax credits
- Perform tasks associated with finalizing tax credit allocations and the issuance of IRS form 8609 upon completion of the LIHTC project
- Participate in presentations at Low Income Housing Tax Credits conferences and seminars
- Strategic planning of long-term goals for allocations and compliance
- Assist in the preparation of the Qualified Allocation Plan, Application & Compliance Manual
- Conduct research relative to LIHTC program legislation and other legislation that may impact the LIHTC program
- Keep abreast of changes to Section 42 of the Internal Revenue Code, its regulations, notices, letter rulings, revenue procedures and revenue rulings
- Provide training to HMFA staff, developers and other professionals regarding Federal and HMFA LIHTC requirements
- Participate in or makes presentations at LIHTC seminars and conferences
- Review LIHTC applications in accordance with New Jersey Qualified Allocation Plan and IRS Code and Regulations
- Prepare and/or process/track written documentation for projects awarded tax credit allocations, including 42m letters, Carryover Applications and IRS Form 8609
- Review and analyze tax credit exchange and hardship requests
- Prepare Requests for Action for the HMFA Tax Credit Committee
- Prepare and process documentation for IRS form 8610 in accordance with IRS Code and Regulation
- Conduct special assignments as needed; including preparation of Y-15 policies and procedures manual, Standard Operating Procedure manuals, reporting for national surveys as needed and other special assignments at the request of the Assistant Director
- Teach, mentor and oversee the work of Level I and/or Level II
- Review work of Level I and/or Level II to ensure attainment objectives and compliance with the QAP and IRS Code and Regulations
- Review social service plans in LIHTC applications in accordance with the New Jersey Qualified Allocation Plan and IRS Code and Regulations as needed
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
Education Level
Associate degree
