Real Estate Financial Analyst at CINCINNATI METROPOLITAN HOUSING AUTHORITY in Cincinnati, Ohio

Job Description:

SCOPE: This position is responsible for managing the financial activities for all Development projects. This includes pre-development, construction and post-construction close out processes.

ESSENTIAL DUTIES AND RESPONSIBILITIES:
The below statements are intended to describe the general nature and scope of work being performed by this position. This is not a complete listing of all responsibilities, duties and/or skills required.

Collaborate with Construction and Development Project Managers to track current and anticipated pre-development expenses. Notify Project Managers when a HUD Capital Pre-Development letter is required or needs updating. Oversee purchase order (PO) processing, ensuring timely invoice payments. Maintain and update an Excel spreadsheet tracking all pre-development expenses, and organize invoice records. Monitor HUD-approved capital expenses to ensure compliance with budget limits. Work with the Senior Development Analyst to reconcile actual vs. budgeted expenses. Coordinate with lenders before closing to reconcile pre-development expenses, ensuring they are included in closing costs or reimbursed to CMHA or Capital Funding. Set up project budgets in Yardi Job Cost at financial closing. Review and adjust the project budget, pre-development expenses, and closing costs as necessary. Prepare journal entries for Touchstone-managed properties, including project loans, tax credits, pre-development expenses, and closing costs (CMHA journal entries are managed by the Finance department). Coordinate the processing of pay applications with the Construction Project Manager, General Contractor, and Lender. Compile and submit pay applications, including required documentation, to lenders; resolve any related issues or questions. Monitor and request funding sources for development projects, including bond collateralization, if needed. Collaborate with Touchstone Finance to process contractor payments through Yardi Job Cost after HUD pay application approval, including journal entries for ACH funding. Review change orders prepared by the Construction Project Manager, ensuring all costs are accounted for and receipts are received. Reallocate budgets in Yardi Job Cost following HUD approval of change orders. Regularly review and monitor construction costs against the Job Cost budget, addressing any potential budget issues. Track relocation checks and Visa receipts for development projects and review permanent moves for ineligible costs. Conduct month-end activities, including construction bank account reconciliations and reviewing Job Cost reports for budget compliance. Create cash flow forecasts to project spending, including monitoring funding sources, construction balances, open POs, forecasted interest, equity disbursements, and closeout costs. Update and collaborate with the Development Financial Manager to ensure cash flow covers all project expenses ("Uses"). Review interest statements from funding sources for accuracy. Submit necessary documentation to lenders to initiate the Final Endorsement process after cost cut-off. Track HUD checklist items to ensure timely progress. Coordinate with lenders, contractors, project managers, and legal teams to provide documentation as requested. Provide closing documents to the Financial Endorsement closing team. Maintain accurate records of all invoices and expenses from pre-development to cost cut-off. Collaborate with external auditors for project Owner Cost Certifications, organizing and submitting invoices, pay applications, change orders, contracts, and funding agreements. Ensure all eligible basis items, placed-in-service dates, and lease-up dates for Initial Year Credit Delivery are accurate in coordination with the auditor and Development Finance Manager. Work with auditors on the 10% Test Cost Certification (9% LIHTC), organizing and submitting necessary documentation. Ensure timely submission of documents to the Limited Partner/Investor portal in collaboration with the auditor. Prepare and submit documents for the 8609-checklist to OHFA, requesting extensions if necessary. Respond to OHFA reviewer questions and collaborate with team members to provide necessary documentation. Monitor project equity requirements as outlined in the Operating Agreement, ensuring timely progression. Communicate with Limited Partner/Investor personnel regarding equity updates and required documentation, addressing any inquiries. Maintain and update CMHA Development Fee Schedule forecasts in collaboration with the Development Director and Development Finance Manager. Provide job cost category coding for project-related POs, including the 517coc Development budget. Assist the Finance department with annual audits for development projects without issued 8609s. Review and track legal invoices for development jobs, working with Finance to process payments. Prepare and submit the annual OHFA E-Signature document. Perform additional duties as assigned.