Official Title: Housing Program Specialist III
Functional Title: Tax Credit Analyst
Primary Location: United States-Massachusetts-Boston-100 Cambridge Street
Job: Community and Social Services
Agency: Department of Housing & Community Development
Schedule: Full-time
Shift: Day
Job Posting: Jan 7, 2022, 3:45:01 PM
Number of Openings: 1
Salary: $66,682.98 - $96,585.32 Yearly
Bargaining Unit: 06-NAGE - Professional Admin.
Confidential: No
The Department of Housing and Community Development (DHCD) is within the Housing and Economic Development Secretariat and its work touches the lives of all Massachusetts residents. DHCD's mission is to strengthen cities, towns and neighborhoods to enhance the quality of life of Massachusetts residents by providing leadership, professional assistance and financial resources to promote safe, decent, affordable housing opportunities, economic vitality of communities and sound municipal management.
The Tax Credit Analyst provides technical assistance to developers before and after funding applications are submitted; participates in meetings with developers and community officials to structure projects; conducts site visits; serves as primary reviewer for all tax credit funding applications assigned to them for review; completes all aspects of application review, including highly technical analysis of project feasibility and conformance with Internal Revenue Service (IRS) regulations for programs; helps prepare funding recommendations for the Low Income Housing Tax Credit (LIHTC) manager and the Director; reviews developer information submitted in support of various IRS tests and project deadlines; works with internal and developers’ counsel to facilitate recording of tax credit regulatory agreements; tracks all tax credit allocations year-to-year and prepares required IRS and Department of Revenue (DOR) reports; serves as staff person working on all aspects of Massachusetts state tax credit program; works with certified public accountants and other tax credit professionals; participates in various aspects of compliance and asset management of existing projects; participates in refinancing and sales of existing projects. Other duties as assigned.
DETAILED STATEMENT OF DUTIES AND RESPONSIBILITIES (these duties are a general summary and not all inclusive):
- Serves as the primary reviewer and underwriter for tax credit pre-applications and full applications, including Housing Development Incentive Program (HDIP) applications.
- Helps prepare funding recommendations for the LIHTC manager, Director, and Undersecretary.
- Chairs/participates in business meetings with other lenders, developers and their representatives.
- As assigned, coordinates MassDocs loan closing with outside counsel and other lenders.
- Coordinates tax credit tasks for assigned projects, including reviewing carryover documentation, preparing binding commitments, reviewing tax credit regulatory agreements, preparing eligibility statements, and reviewing draft 8609 documents.
- Monitors and/or coordinates construction review with contract architect.
- Tracks project construction progress and reviews lender advisor reports on a monthly basis.
- Conducts site visits and on-going project reviews, including project eligibility letter (PEL) requests.
- Reviews/approves project cost certifications and close out reports.
- Provides direct technical assistance to project sponsors/borrowers/other team members (attorneys, architects, CPAs, contractors, etc.) through meetings, phone calls, and correspondence.
- Reviews/analyzes refinance or loan modification requests and coordinates DHCD-related transaction tasks;
- Coordinates/negotiates project workouts.
- Assists in meeting various federal and state funding requirements such as: carefully tracking program usage, preparing annual IRS/DOR/National Council of State Housing Agencies (NCSHA) reports, including the 8610 submission, preparing and finalizing the Qualified Allocation Plan and assisting in the collection of Program information for submittal to stakeholders, including other executive offices and/or the legislature.
- Assists in the training of new junior program staff or new staff.
- Maintains current project and program information division’s rental database, shared drives and file storage.
- Represents the division and the agency on inter- and intra-agency working groups.
- Assists in preparing public presentations on agency policies and programs.
- Represents the agency at various housing related events.
- Assists in the preparation of detailed reports on the programs, as required by federal and state legislative committees and as needed for federal and state reporting purposes.
- Assists in the drafting of new/revised guidelines, application materials, training materials, and website information.
- As assigned, assumes role of team leader, on tasks, such as annual carryover oversight, compliance monitoring and/or asset management coordination and maintaining/updating program policies and procedures.
- Submits weekly schedule and list of tasks planned for the week.
- Submits daily work log as requested.
- Assists as directed in implementation of new rental sources available through federal recovery acts of 2021/2022.
- Other duties as assigned.
PREFERRED QUALIFICATIONS:
- Knowledge of the principles and practices of real estate financing.
- Knowledge of the principles and practices of real estate asset management and/or compliance monitoring.
- Detailed knowledge of the Low Income Housing Tax Credit program.
- Knowledge of federal, state and local resources to support the development of affordable housing, including permanent, transitional and special needs housing.
- Ability to understand, explain and apply complex laws, regulations, guidelines and procedures regarding affordable housing programs.
- Knowledge of principles and practices of affordable and market rate housing and factors influencing the housing market.
- Ability to analyze development and operating pro formas.
- Ability to analyze development project cost certifications.
- Knowledge of legal terminology and requirements of the real estate loan closing process.
- Ability to analyze and determine the applicability of verbal, written and statistical information to a particular housing issue, policy or program.
- Ability to communicate effectively and timely in written and oral expression, including the ability to make public presentations to different audiences.
- Ability to work independently and within a team, and to take initiative while understanding/respecting boundaries.
- Ability to work efficiently and effectively, gather information, draw conclusions and make recommendations related to the Program activities/guidelines/policies.
- Ability to manage a variety of tasks, organize workload and meet required deadlines.
- Ability to assume a leadership role in a team setting and to facilitate group participation/process.
- Knowledge of effective techniques for motivating staff and overseeing specific team projects/activities/initiatives.
- Ability to adjust effectively to changing priorities and to carry substantial responsibilities related to the Programs and to initiatives within the division.
- Excellent computer skills, including Microsoft Excel, Word, and PowerPoint.
- Demonstrated sound judgement.
- A Master’s Degree in a related field.
COMMENTS:
Please upload resume and cover letter.
This position is currently a telework position. As expected in April 2022, the successful candidate will work remotely but must be flexible and able to perform duties in a shared office workspace as required.
Salary placement is determined by years of experience and education directly related to the position and the Human Resources Division’s Recruiting Guidelines. In the case of a promotional opportunity, the salary provisions of the applicable collective bargaining agreement will apply to placement within the appropriate salary range.
Education, licensure and certifications will be verified in accordance with the Human Resources Division’s Hiring Guidelines. Education and license/certification information provided by the selected candidate(s) is subject to the Massachusetts Public Records Law and may be published on the Commonwealth’s website.
QUALIFICATIONS:
First consideration will be given to those applicants that apply within the first 14 days.
Minimum Entrance Requirements:
Applicants must have at least (A) four years of full-time, or equivalent part-time, professional experience in real estate management, property management, public housing program management, public housing program development or public housing program administration, or (B) any equivalent combination of the required experience and the substitutions below.
Substitutions:
I. An Associate's degree with a major in real estate, public administration, business administration or business management may be substituted for a maximum of one year of the required experience.*
II. A Bachelor's degree with a major in real estate, public administration, business administration or business management may be substituted for a maximum of two years of the required experience.*
III. A Master's or higher degree with a major in public administration, business administration or business management may be substituted for a maximum of
three years of the required experience.*
*Education toward such a degree will be prorated on the basis of the proportion of the requirements actually completed.
Special Requirements: Based on assignment, possession of a current and valid Massachusetts Motor Vehicle Operator's License may be required.
Executive Order #595: As a condition of employment, successful applicants will be required to have received COVID-19 vaccination or an approved exemption as of their start date. Details relating to demonstrating compliance with this requirement will be provided to applicants selected for employment. Applicants who receive an offer of employment who can provide documentation that the vaccine is medically contraindicated or who object to vaccination due to a sincerely held religious belief may make a request for exemption.
If you have Diversity, Affirmative Action or Equal Employment Opportunity questions or need a Reasonable Accommodation, please contact Diversity Officer / ADA Coordinator: Marjie Lalli - 6175731254
An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply.