About this role
Position Title: Compliance Analyst
Department: Asset Management
Join our Team! At IHDA we strive to create and maintain a work environment that promotes diversity, recognition and inclusion. IHDA is committed to hiring and investing in individuals of diverse talents and backgrounds to ensure a range of perspectives and experiences inform and guide our work of financing affordable housing in the state of Illinois.
Who we are: The Illinois Housing Development Authority (IHDA) is one of the Nation’s preeminent Housing Finance Agencies and one of the State’s ten largest financial institutions. Our mission is to finance the creation and preservation of affordable housing across the state. IHDA oversees more than 20 federal and state programs on behalf of the state of Illinois and serves as one of the state’s primary resources for housing policy and program administration. For over 50 years, IHDA has led the state in financing and supporting affordable housing.
Summary: This position is housed within the Asset Management department, which monitors long-term physical, financial, operational, and administrative compliance for IHDA-assisted developments.
This particular position is housed within the following group:
Project Operations Compliance: Ensures the operational compliance of properties assisted by IHDA loans, grants, or tax credits through: management, occupancy, and tenant file reviews; rent/income limit/utility allowance calculations; affirmative marketing plan review/approval; tenant selection plan review/approval; management plan review/approval; and tenant/management relations..
Essential Functions:
- Implements proactive strategies to resolve properties’ operational condition compliance issues.
- Informally paired with a compliance group for each project inclusive of an Asset Manager, Physical Inspector, and Financial Analyst.
- Formally paired with a Senior Asset Manager or Asset Manager assigned to the same project portfolio to provide coordinated, comprehensive service.
- Collects and contributes data to determine annual operations rating.
- Intakes, tracks and processes annual compliance submissions, reviews packages for completeness, follows -up regarding incomplete or error-filled submissions.
- Conducts ongoing desk, limited desk, and other monitoring reviews of assigned portfolio of projects based on prescribed timeframes (to assess and facilitate compliance with applicable Federal, State, local rules, and standards).
- During monitoring reviews, assesses the operational compliance (i.e., management, occupancy) against related regulatory requirements so that the related housing remains affordable, decent, safe, and sanitary.
- Prepares and maintains all operational compliance documentation (including compliance monitoring findings, responses, resolutions, reports) as required.
- Develops initial and ongoing rent schedules, utility allowances, rent/income limits (in coordination with appropriate data systems).
- Proactively communicates with the property owner, manager, agent regarding operational issues, compliance requirements, options, and deadlines for resolution.
- Coordinates development, circulation, and submission of 8823 forms for tax credit properties.
- Solicits, reviews, approves, and processes Certifications, Management Plans, Management Agreements, Tenant Selection Plans (TSP), Lease, Form Lease Riders, Affirmative Fair Housing Marketing Plan (AFHMP), TST-2 and other tax credit forms, Lead-Based Paint Certifications, Rent Schedules, Utility Allowances, 8823s, 8609s, etc. (to assess and facilitate compliance with applicable Federal, State, local rules and standards).
- Participates in pre-occupancy and post-closing discussions and meetings as appropriate.
- Provides program/funding source/system informational and technical assistance, guidance, and direction to internal staff as well as property owners/agents.
- Proactively follows up on previously noted compliance deficiencies to ensure proper and timely resolution.
- Performs other duties and handles other special projects/initiatives as assigned.
Education and Experience Requirements:
- Education: Bachelor’s degree required. Experience may be substituted for education at the discretion of the Asset Management department.
- Experience: At least 1 year experience with multifamily rental housing developments required. Affordable housing experience preferred. Operational compliance administration experience desired.
- Thorough knowledge of the following funding sources/programs desired: LIHTC, HOME, Section 8, Risk Share, Tax Exempt Bonds, and Illinois Affordable Housing Trust Fund.
- Proficiency in Microsoft Office Suite required.
- Training: Certified Occupancy Specialist (COS), Tax Credit Specialist (TCS), Blended Occupancy Specialist (BOS), HOME Compliance Specialist (HCS), Housing Credit Certified Professional (HCCP) training desired (completed within one year or earliest available date, whichever is later).
- Certifications: Certified Occupancy Specialist (COS), Tax Credit Specialist (TCS), Blended Occupancy Specialist (BOS), HOME Compliance Specialist (HCS), Housing Credit Certified Professional (HCCP) preferred.
- Valid Driver’s License: Not required.
- Access to Personal Vehicle: Not required.
- Frequency of Travel: Not required.
Physical Requirements: Alternating between sitting, standing, and walking. Ascending and descending stairs. Crouching and stooping. Pushing and pulling. Reaching overhead or below. Repetitive task movements (filing, keyboarding, copying). Lifting, carrying, and moving objects of up to 10 -15 pounds.
What we Offer:
- Paid time off, plus paid holidays
- Currently in a hybrid work arrangement, but candidates must reside in Illinois at time of hire
- Medical/dental/vision/life insurance plans
- Short/long term disability
- Tuition reimbursement
- Flex spending
- 401K plan – immediate vesting
- IHDA employees may be eligible for federal loan forgiveness programs
- Access to Personal Vehicle: Required along with appropriate insurance.
- Frequency of Travel: Infrequent – 5-10% annually.
- Salary: $51,857 - $64,821
Must be a resident of Illinois or willing to relocate. Flexible scheduling is available, upon completion of a six-month probationary period.
EOE
Other facts
About Illinois Housing Development
The Illinois Housing Development Authority (IHDA) finances the creation and preservation of affordable housing in Illinois.
IHDA was created by the state legislature in 1967 as a self-supporting agency to finance affordable housing across Illinois. IHDA does not use taxpayer dollars to sustain its operations, although it does administer publicly funded programs on behalf of the state. Since its creation, IHDA has provided more than $15 billion to finance a quarter million affordable homes.
IHDA accomplishes its mission through a number of funding sources including the Illinois Affordable Housing Trust Fund, Illinois Affordable Housing Tax Credits, the allocation of federal Low-Income Housing Tax Credits and HOME Investment Partnership funds. IHDA is also a bonding authority and independently sells bonds, based on our strong credit rating of A1/AA-/AA- from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings respectively.
We partner with lenders, developers, local government, nonprofits, community groups and others to deliver low-cost financing programs. We provide financial assistance to low- and moderate-income homebuyers and homeowners, offer resources to developers who build or preserve affordable and mixed-income rental housing and provide oversight for hundreds of affordable rental communities across the state.
What you'll do
- The Compliance Analyst will monitor long-term compliance for IHDA-assisted developments, ensuring operational compliance through various reviews and assessments. They will also prepare documentation and communicate with property owners regarding compliance issues.
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