What are the responsibilities and job description for the Coordinator, Regulatory Compliance position at Illinois Housing Development Authority?
Position Title: Coordinator, Regulatory Compliance
Department: Multifamily Financing
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: The primary responsibility of this position is performing one or more compliance-related functions that support the loan closing process from initial financial closing through construction completion. Incumbents in this position are expected to be a subject matter expert in at least one of the following functions or requirements, and have a working knowledge of one or more of the others: Davis-Bacon and Related Acts, Section 3 of the HUD Act, subsidy layering reviews, and environmental records reviews.
Essential Functions:
What we Offer:
EOE
Department: Multifamily Financing
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: The primary responsibility of this position is performing one or more compliance-related functions that support the loan closing process from initial financial closing through construction completion. Incumbents in this position are expected to be a subject matter expert in at least one of the following functions or requirements, and have a working knowledge of one or more of the others: Davis-Bacon and Related Acts, Section 3 of the HUD Act, subsidy layering reviews, and environmental records reviews.
Essential Functions:
- Monitor multifamily projects under construction for compliance with Davis-Bacon and Related Acts and Section 3 of the HUD Act; ensure accuracy and integrity of data and report accordingly.
- Perform financial analysis and subsidy layering reviews (SLR) of affordable multifamily projects financed with Low Income Housing Tax Credits (LIHTCs), HOME funds, and/or other subsidy programs. Working closely with development officers and underwriters, coordinate the SLR-related document transmission and communication between IHDA, the project sponsor, and the U.S. Department of Housing & Urban Development (HUD). Identify and escalate, as needed, issues, delays, and other concerns.
- Determine level of environmental review record using HUD 24 CRF Part 58 Review Guidelines. Complete required environmental review record documentation and reports required by HUD for HOME, National Housing Trust Fund, Risk Share, and other related programs to ensure compliance.
- Develop, document, and maintain compliance-related processes that include tracking mechanisms, policies and procedures, forms and documents, etc.
- Develop and maintain compliance-related guidance and knowledge resources for use by internal and external audiences.
- Consistently and clearly communicate with colleagues, project sponsors, consultants, funders, and other stakeholders regarding statuses, deficiencies, and clarifications.
- Provide back-up and support for other members of the Compliance Services team.
- Stay abreast of regulations, policies, practices, trends, and best practices as they relate to the position and its responsibilities.
- Additional duties as assigned.
- Bachelor’s degree in urban studies or planning, business or public administration, or a related field is preferred but not required.
- Experience with one or more HUD compliance requirements is highly desirable.
- Preference will be given to candidates with three or more years of experience in multifamily finance and/or development, project/program management, or compliance monitoring and reporting
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
- Salary range: $60,088.93 - $75,111.16
EOE
Salary : $60,089 - $75,111