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Job Title LIHTC Associate
Location: New York
State New York
Date Posted: 28 May 2020
Position Description:

This position ensures the lowest possible exposure to risk of non-compliance with LIHTC (Low Income Housing Tax Credit) regulations.  This is accomplished by ensuring all documentation is accurate and compliant with current regulatory requirements.

 

Essential Responsibilities:
  • Prepare leases and ensure all information is correct (rates, monitoring agency, apartment size, maximum rent, utility allowance and riders).
  • Data entry for initial leases, renewals, as well as entering appropriate credits (i.e. SCRIE, DRIE, Section 8) in MRI software,
  • Interview applicants to explain the process and determine tenant income sources and family composition.  Income determination is made in accordance with Low Income Housing Tax Credit regulations.
  • Annual computation of tenant’s income and assets from such statements and documents as employer’s payroll statements, bank statements, mutual funds, annuities, etc. This includes, communicate in writing and verbally with third parties (i.e., employers, landlords, and financial institutions) and tenants to thoroughly document tenants’ income from third party sources.
  • Prepare subsidy paperwork (i.e. Section 8, LINC, HRA) and follow up as needed
  • Data entry of income and asset information in Yardi Classic software to generate tenant income certification form.
  • Enter all necessary data for low income tenants in new buildings.
  • Occasionally, identify new low income tenants from waiting lists when a vacancy arises.
  • Assist in preparing monthly, quarterly and annual reports to government agencies.
  • Complete regular filing duties to ensure all files are active, current and ready for audits.  
  • Act as a liaison between ownership/state agencies/ and the property managers.
  • Administer apartment inspections performed by others.
  • Must be able to implement state and city agencies protocol.
  • Must be able to meet monthly program deadlines for completion of work.

Position may be required to perform duties outside their normal responsibilities as needed and when requested.

Qualifications and Competencies:
  • 2 years of college or Associates Degree
  • 1 year of experience in a financial role
  • Expert knowledge of Microsoft Word and Excel
  • 2 years of NYC experience in residential real estate
  • Strong experience with LIHTC and Rent Stabilization.
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