Job Information
New Jersey Housing and Mortgage Finance Agency Tax Credit Analyst - Compliance in Trenton, New Jersey
Tax Credit Analyst - Compliance
Location Trenton, NJ
Job Code 733
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NOTICE OF VACANCY
THE EXECUTIVE DIRECTOR OF THE NEW JERSEY HOUSING AND MORTGAGE FINANCE AGENCY INVITES APPLICATIONS FROM QUALIFIED CANDIDATES FOR THE FOLLOWING:
Job Title: Tax Credit Analyst - Compliance
Salary Range: R9 (51,831.54 - $72,939.79), R11 ($63,002.55 - $88,663.78)
Division: Multifamily/Supported Housing and Lending
FL Status: Exempt
Issue Date: 8/15/24
Closing Date: 10/15/24
Union Status: Professional Bargaining Unit, Exempt
Employment Status: Full time
JOB DESCRIPTION
Under general supervision, and under Section 42 of the Internal Revenue Code and NJ QAP; 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
JOB DUTIES AND RESPONSIBILITIES
Does strategic planning of long-term goals for compliance and assist in the preparation of the Qualified Allocation Plan & Compliance Manual.
Conduct research relative to LIHTC program legislation and other legislation that may impact the LIHTC program and keep abreast of changes to HUD’s 4350.3 Handbook (Chapter 5) and Section 42 of the Internal Revenue Code, its regulations, notices, letter rulings, revenue procedures and revenue rulings.
Train HMFA staff, developers and other professionals regarding Federal and HMFA LIHTC requirements and participate in or make presentations at LIHTC seminars and conferences.
Conduct on-site project inspections as needed.
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 project files to ensure that the appropriate information related to the total number of residential units in a building, the 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.
h. Ensure the project has met the requirements for the provision of social services as needed.
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, 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 of objectives and compliance with the QAP and IRS Code and Regulations.
MINIMUM REQUIREMENTS
Education / Experience:
Tax Credit Analyst I (Range 9) - Two (2) year college degree; five (5) years of related experience.
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.
Skills
Knowledge of computer programs, particularly MS Excel and MS Word.
Knowledge of Section 42 of the Internal Revenue Code as well as HUD’s 4350.3 Handbook/Manual
Knowledge of HMFA statutes and regulations.
Ability to perform and analyze financial calculations and draw conclusions.
Ability to analyze income .
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.
Physical Demands: 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 is required
BENEFITS
NJHMFA provides a comprehensive benefit package which includes:
Medical, prescription, dental, vision & long term disability
FSA & HSA
Public Service Loan Forgiveness and Tuition Reimbursement
Public Employees' Retirement System (PERS)
Deferred compensation plans
Employee assistance services (EAS)
State employee discounts program
Paid personal, sick and vacation days
Paid holidays
Partial Telework
Residency in the State of New Jersey is required of all employees with an agency of the State in accordance with the New Jersey First Act, N.J.S.A. 52:14-7 (L. 2011, Chapter 70). Employees must comply with the “New Jersey First Act” which requires employees hired after September 1, 2011 to reside in New Jersey. Non-New Jersey resident employees must relocate to New Jersey within one year of their date of hire and provide proof of residency to Human Resources.
The NJHMFA is an Equal Opportunity Employer in compliance with all Federal, State and Local Regulations. NJHMFA provides equal employment opportunity to both individuals with veteran status and individuals with disabilities.
Must complete an Outside Activity Questionnaire (disclosure of outside office or employment) on an annual basis.
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