Job Title: Compliance Specialist Department: Asset Management Reports To: Deputy Director - Compliance
EEOC Class: Professional FLSA Status: Exempt
Job Summary The Compliance Specialist is responsible for helping asset manage Midwest Housing Equity Group’s (“MHEG”) investments in multiple affordable housing developments (“Operating Partnerships”) financed with Federal Low-Income Housing Tax Credits (“LIHTC”). More specifically, this individual plays an important role ensuring that residents of the affordable housing developments comply with all rent, income and other regulatory restrictions applicable to each property. This individual works with MHEG management, affordable housing developers, Operating Partnership general partners, property managers and state Housing Finance Agencies to accomplish these goals. The Compliance Specialist also helps foster strong relationships with our various partners through her/his day-to-day interactions with them. Job Duties and Responsibilities For assigned properties, prepare Working Folder and Property Information Sheet, including all funding sources (HOME, AHP, HUD), copy of the LURA, utility allowance, property management and general partner contact information, copy of 8609, number of bedrooms, square footage breakdown, and other pertinent information. Prior to commencement of lease-up activity, educate property managers and Operating Partnership general partners on MHEG’s lease-up and compliance processes and procedures. Receive, review and process all initial resident applications/certifications from Operating Partnership property managers. Analyze each file from completeness and accuracy, confirming compliance with LIHTC and other applicable income and affordability restrictions. Advise property managers of any required corrections/additional information. From the above, create and maintain internal resident eligibility files, especially those related to initial lease-up of Operating Partnerships, on MHEG’s document management system. Maintain same for 21 years. Annually audit at least 20% of resident files, in-house and on-site, for assigned properties. Provide guidance, training and technical assistance to partners in areas such as LIHTC tax credit compliance, HOME, AHP, USDA RD income guidelines, HUD guidelines, rent limits, Land Use Restriction Agreement, utility allowances, next available unit rule, square footage, and other related information. Assist in keeping property managers apprised of current developments in LIHTC and other affordable housing program, specifically as it relates to compliance issues and processes. Monitor and assist with maintaining the most current compliance forms for each state. Monitor funding sources and track rent/income percentages are being maintained Monitor market-specific changes to rent and utility allowances Together with Asset Managers, work to resolve any open 8823 issues. Annual Audit Responsibilities include: o Audit of property management files for compliance o Follow up with any outstanding issues with the audit
Attend Housing Finance Agency trainings and other compliance classes as necessary to maintain proficiency with LIHTC compliance rules
Managerial Responsibility - None Knowledge, Skill, Licenses, Competency Requirements Solid understanding of LIHTC program; expert understanding of LIHTC compliancerelated issues. Solid understanding of compliance requirements for HUD programs (RAD, Section 8), USDA-RD programs (515, 538), HOME, CDBG and other affordable housing funding sources. Working knowledge of basic GAAP accounting principles. Working knowledge of property management fundamentals. Excellent verbal and written communication skills. Ability to develop and grow professional relationships. Ability to work independently as well as in a team setting. Strong organizational skills; ability to prioritize and handle multiple tasks at any given time. Strong analytical skills; attention to detail and accuracy a must. Must possess and maintain valid Driver’s License. Education, Experience Associate Degree in accounting, finance, real estate, business administration or equivalent professional experience. 2+ years prior experience in property management/compliance role. Real Estate Assessment Center (REAC), Housing Credit Certified Professional (HCCP) or the Consortium for Housing and Asset Management (CHAM) designation a plus. Computer Skills Proficient with Microsoft Office, Adobe, T-Value and virtual data rooms Knowledge of MRI Investment Central Database (f/k/a Integratec) software a plus Work Environment Work takes place in a typical office environment equipped with a computer, phone, copier/printer and other standard office supplies. Some overnight travel is required (e.g., attendance at state housing and industry conferences, visits to developers/properties). 15-20 nights a year in hotels. Some day travel is required (e.g., site visits, various meetings) Physical Requirements Ability to work under pressure, including evening and weekends during peak periods. Ability to travel via aircraft and automobile for extended periods of time (i.e., ability to take long flights and drives). Ability to work in typical office environment: type proficiently, use a computer, see computer screens and read/comprehend numerous financial and property management reports, i.e. general ledger, rent roll, tax returns, pay stubs, etc.
Ability to lift 30 pounds. When traveling, incumbent may be exposed to varying environmental conditions (e.g., inclement weather, crowded or unsanitary conditions, dirt, dust, construction work site hazards).
ACKNOWLEDGEMENT I have received, reviewed and fully understand the job description for Compliance Specialist. I am able to perform the essential functions as described. I understand that my job may change on a temporary or regular basis according to the needs of my location or department without it being specifically included in the job description. I further understand that I am responsible for the satisfactory execution of the essential functions described therein, under any and all conditions as described. I have discussed any questions I may have had about this job description prior to signing this form. Employee Name: Employee Signature