Tax Credit Analyst II (Compliance)

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; monitor compliance requirements for recipients of tax credit awards; participate in presentations at Low Income Housing Tax Credits conferences and seminars; and perform related duties as required.

• Monitor compliance with Section 42 of the IRS Code and NJQAP through:

a. Review analysis of rent calculations and the documentation, which supports the tenant's income certification to ensure that a tenant’s income does not exceed the applicable income limit under Section 42 of the Internal Revenue Code. Such documentation could include, but is not limited to, Federal Income Tax returns, third party certifications, bank statements, and W-2 forms.

b. Review of project files to ensure that the appropriate information related to total number of residential units in a building, percentage of low-income units in a building, and the rent charged for each unit is accurate and properly documented.

c. Review of the project's vacancy list to determine low-income unit vacancies in the building and other information, which shows where, and to whom, the next available units were rented.

d. Review of the owner's record keeping and records retention system to ensure that program documentation is maintained properly.

e. Review of the owner's certification to ensure that the project has met the requirements of the applicable minimum set-aside.

f. On-site project inspections as required.

g. Follow up with the owner to ensure that missing documentation is supplied, which is necessary to bring the project into compliance within the established time frame.

• Notify building owners and the Internal Revenue of noncompliance with Section 42 of the code.

• Conduct special assignments as needed; including preparation of Y-15 policies and procedures manual

• Prepare Deed Restrictions for recordation.

• Train Level I and/or Level II positions when necessary.**Tax Credit Analyst II (Range 11)**Four (4) year college degree; five (5) years of relevant experience in housing finance, accounting or tax credit syndications. Responsible for 5,500 – 6,500 units, depending on the complexity of the project.

Physical Demands

Compliance: Employees are required to access all areas of the developments, which requires extensive walking and climbing of stairs.

Working Conditions

General office environment; some travel required.

Certificates & Licenses Required

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.

Upon receipt of certification, analyst shall be expected to attend annual trainings, workshops and conferences including but not limited to, sessions offered by NCSHA, JAHMA/NAHMA, HMFA approved tax credit course providers and/or IPED. 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.

• 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 and Balanced Housing.
• Knowledge of HMFA statutes, regulations 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.