The Development Officer I is responsible for evaluating and processing affordable rental housing developments for multifamily housing resources available through the Low Income Housing Tax Credit (“tax credit”) and PennHOMES programs.
Determine the eligibility of rental housing developments for loan and tax credit financing using sound land use, environmental issues, market criteria, and prudent loan underwriting techniques.
Coordinate all phases of the Agency’s multifamily development review process in a timely, complete and accurate manner.
Act as liaison between PHFA’s multifamily divisions and rental housing developers being responsible for all necessary follow up with developers throughout the development process to assure compliance with Agency submission requirements and deadlines from application to project completion.
Become well versed in Section 42 of the Internal Revenue Code of 1986, as amended and federal housing programs (including those administered by HUD and Rural Development) and keep apprised of all changes to regulations that are used by the Treasury Department, HUD and Rural Development.
Originate correspondence relating to assigned developments and, as required, maintain necessary records, prepare reports and perform related activities (including data entry) in a timely, complete and accurate manner, which may include Carryover Allocation Agreements, Subsidy Layering Reviews, Indenture of Restrictive Covenants and related documents.
Interpret PHFA rules and regulations related to tax credit, federal, state and local funding programs.
Responsible for the ongoing maintenance of both the computer and hard copy files for proposals which receive funding.
Prepare and deliver written and verbal reports to the PHFA Board in conjunction with requests for Board action, as necessary.
Participate in educational seminars and classes.
Perform any and all duties as assigned.
Maintaining a daily physical presence at the office is required to collaborate with Agency staff
Bachelor’s degree with a preferred degree in accounting, finance or real estate or the equivalent in education and/or experience.
Previous or equivalent experience in the underwriting and development of financing of affordable multifamily housing projects using tax credits or federal, state or local funding in either the public or private secret of the housing industry.
Previous experience in working with local, state and federal government entities.
Knowledge of the federal Low Income Housing Tax Credit Program and/or federal housing programs is desirable.
Ability to travel periodically.
Ability to communicate effectively verbally and in writing, including preparing and delivering presentations.
Ability to negotiate effectively.
Ability to work independently.
Experience with Microsoft Office products is required.
Ability to safely and successfully perform the essential job functions consistent with the ADA, FMLA and other federal, state and local standards, including meeting qualitative and/or quantitative productivity standards.
Ability to maintain regular, punctual attendance consistent with the ADA, FMLA and other federal, state and local standards.