Job description

Monadnock Development/Monadnock Property Management are leaders in the creation and management of affordable and market rate housing in New York City. Combining development, construction, financial and architectural expertise, our goal is to create high quality housing, improve the quality of life in the neighborhoods in which we work, and provide high levels of service to our residents. Over the past 45 years, Monadnock, with its sister company Monadnock Construction, has built or developed over 20,000 apartments. As a firm, Monadnock focuses on large and complex projects that improve neighborhoods and serve New Yorkers at a wide range of incomes. It has approximately 6,000 apartments under its direct or indirect control.

ROLES AND RESPONSIBILITIES

The CFO will join a small, energetic and productive development company to help ensure the long term financial health of a portfolio of residential buildings largely financed with low income housing tax credits and tax-exempt bonds, as well as other governmental sources. The CFO reports directly to the Chief Operating Officer of Monadnock Development and the President of Monadnock Property Management.

Financial Audits and Tax Returns

• Oversee and coordinate timely delivery of accurate data from property managers to auditors to commence the audit/tax return process.
• Oversee and manage internal and external auditors to insure timely delivery of annual financial audits and tax returns on all reporting entities;
• Review TB/GLs and draft audit reports and tax returns with internal accounting and outside auditors for reasonable assurance that the reports, inclusive of financial statements and disclosures, are fairly stated.
• Oversee the creation and filing of draft tax returns with internal accounting department, outside tax preparers and investors
• Based on annual audits, work with syndicators to facilitate cash distributions from operating accounts as appropriate.
• Coordinate signoff of returns by managing shareholder/member and distribution of IRS forms and K1/2/3s to shareholder/members.

Asset Management

• Work with third party property managers to ensure compliance with all LIHTC requirements.
• Provide assistance to development and construction staff to help transition projects from construction financing to permanent financing and ensure all financial transactions are appropriately accounted for.;
• Work with consultants to generate and review, cost certifications, 95-5 reports and 50% tests;
• Work with syndicators on release of equity installments.
• Track paid and deferred developer fee payments.

SKILLS, ABILITIES, and QUALIFICATIONS

• Strong real estate, tax, and LIHTC accounting background is a must.
• Demonstrate financial acumen and analytical skills, and strong problem solving and quantitative abilities. Must be able to absorb and understand information and make sound business decisions;
• Demonstrate a thorough understanding of asset management responsibilities for LIHTC properties and affordable housing, and have a full understanding of asset management metrics;
• Experience working with financial models, tax software, and property management software.
• The candidate MUST be proficient in Excel and Yardi;
• Must have strong organizational skills and ability to multitask and problem solve;
• Demonstrate strong interpersonal skills and an ability to work with lenders, regulatory agencies, and outside vendors/managers;
• Have a willingness to function as part of a team outside the strict outline of this job description as necessary;
• 7-10 years of relevant experience working in public accounting, LIHTC accounting and/or accounting for LIHTC real estate owners and an understanding of multifamily development, ownership and asset management;
• Minimum of a Bachelor’s degree in Accounting, Accounting, Public Administration, Management or Real Estate Development

Job Type: Full-time

Pay: $175,000.00 - $225,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Employee assistance program
• Employee discount
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Parental leave
• Professional development assistance
• Referral program
• Retirement plan
• Tuition reimbursement
• Vision insurance

Schedule:

• 8 hour shift
• Monday to Friday

Supplemental pay types:

• Bonus pay

Ability to commute/relocate:

• Brooklyn, NY: Reliably commute or planning to relocate before starting work (Required)

Work Location: One location

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