Monadnock Development is a leader in the creation 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. Over the past 45 years, Monadnock, with its sister company Monadnock Construction, has built or developed over 17,000 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 3,600 apartments under its direct or indirect control.
ROLES AND RESPONSIBILITIES
The Director of Finance 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 LIHTC and bonds, as well as other governmental sources. The Director of Finance reports directly to the Vice President for Real Estate Operations.
Operating Performance/Budget Review
- Work with staff and third party managers to generate and monitor operating and capital budgets for all properties;
- Measure and analyze the financial performance of all properties relative to budgets, and prepare quarterly performance reports highlighting strengths and weaknesses;
- Review monthly, quarterly and annual property operating reports and financial statements and provide required information to owners, investors, lenders and regulatory agencies;
- Track paid and deferred developer fee payments;
- Based on annual audits, work with syndicators to facilitate cash distributions from operating accounts as appropriate.
Financial Audits and Tax Returns
- Coordinate with internal and external auditors to insure timely delivery of annual financial audits and tax returns on all reporting entities;
- Review 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;
- Review draft tax returns with internal accounting department and outside tax preparers to obtain assurance of accuracy.
- Coordinate signoff of returns by managing shareholder/member and distribution of IRS forms and K1s to shareholder/members.
- 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 to occupancy, including the marketing and lease up of buildings, and eventually, to conversion;
- Work with consultants to generate and review, cost certifications, 95-5 reports and 50% tests;
- Work with syndicators on release of equity installments.
SKILLS, ABILITIES, and QUALIFICATIONS
- 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. The candidate should be proficient in Excel;
- Must have strong organizational skills and ability to multi task 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;
- 5 years of relevant experience working in asset management, underwriting, finance, or development; and an understanding of multifamily development, ownership and asset management;
- Minimum of a Bachelor’s degree in Finance, Accounting, Public Administration, Management or Real Estate Development
Interested candidates should send a letter of introduction and resume to: [email protected]
Monadnock Development is an Equal Opportunity Employer and seeks diversity in the workplace.