We Are Norfolk Redevelopment and Housing Authority

NRHA’s Vision and Mission

We are proud to be the largest housing and redevelopment authority in Virginia and a leader in real estate development and property management across the country. Since 1940, we’ve been working to revitalize and improve neighborhoods in Norfolk.

As an award-winning public housing authority designated by the Department of Housing and Urban Development (HUD), the NRHA VISION is to provide quality housing choices in neighborhoods where people want to live. Our MISSION is to provide quality housing opportunities that create sustainable, mixed-income communities.

Today, our dedicated team continues focusing on our vision and mission by providing exceptional service to residents, vendors, development partners, and community stakeholders through programs that support the development and sustainability of affordable housing and offering programs that support the goal of self-sufficiency for all residents of Norfolk, Virginia.

Position Summary

The Portfolio Analyst is responsible for asset management and oversight of NRHA’s real estate portfolio, which is comprised of Low-Income Public Housing, Housing Choice Voucher Program, Low Income Tax Credit units, Rental Assistance Demonstration (RAD), and other mixed-income unit types. Partner with Property Management staff from lease-up throughout the compliance period for tax credit properties. Actively participates in the acquisition, development, and redevelopment of tax credit properties. Acts to assure properties are performing at optimal level, and in compliance with financial covenants, regulatory requirements, and other reporting and filing requirements. Monitors and analyzes properties on a variety of dimensions, including financial and operational performance, physical condition, program compliance, and strength of market. Oversees financial modeling of tax credit investments for various deal structures. Work requires application of independent judgment and initiative. Work requires contact and collaboration with external parties, including Investors, Lenders, Developers, Consultants, Attorneys, Auditors and Third-Party Accountants where results may have organization-wide financial impact.

Essential Functions

Analyzes the operational and financial reports of assigned portfolio in order to assess long-term financial viability; identify performance trends and potential “troubled” assets; and provide historical performance data used to inform strategic decisions.

Develops and presents comprehensive quarterly asset management reports to update senior management on the financial and operational performances of the communities, which includes operational spending trends and variance analysis; physical inspection; and occupancy trends.

Reviews proposed lease-up and operating budgets for all development properties; confirm the financial and economic feasibility of budget projections for revenue, expenses, and capital needs; and develops a detailed understanding of the project operating pro forma included in mixed finance and syndication legal documents to include minimum debt coverage ratios, reserve levels, LP waterfall distribution requirements, and Limited Partner return on investment (ROI) projections.

Coordinates the transition process as properties move from development to operations. Monitors lease-up status to ensure on-time delivery of first year credits; verifies tax credit guarantees in the partnership agreement have been delivered, calculating the annual tax credit amount using the final cost certification, 8609s, and calculation of first year credit delivery from actual lease-up figures; and provides technical assistance in the area of project performance and managerial strategy to ensure the continuous flow of tax credit benefits throughout the compliance period.

Directly responsible for tax credit investment oversight and working with both the Property Manager having physical asset oversight and the Property Operations Accountant having financial oversight of the asset; coordinating, monitoring, and addressing the concerns or requests of the Limited Partner throughout the tax credit investment period.

Monitors monthly, quarterly, and annual operating data from assigned real estate assets. Analyzes, evaluates, interprets, forecasts, reports, and makes recommendations for action on the operational performance, physical condition, program compliance, and strength in market. Analyzes and monitors the long-term property financial performance against budgeted projections; obtains proposed annual property operating budgets, reviews and verifies for consistency with partnership agreements, approves budgets, and monitors annual expenditures to ensure compliance with approved budgets and GAAP. Tracks reserve levels, prepares and reviews all requests for release of replacement and operating reserves, ensure that the terms of the partnership agreements are followed, identifies and addresses all underlying issues, and coordinating funding approvals.

Key relationship manager for all LIHTC partnerships, ensuring all reporting, regulatory, compliance, and filing requirements. Works with NRHA financial operations team to assures timely submission of audited financial statements; performs an analysis of draft tax returns and annual financial information for reporting accuracy and identification of financial issues; assesses project and partnership risk factors as they pertain to compliance with Section 42 (LIHTC) provisions, terms of the partnership agreement, loan documents, LURAs, QAPs, and tax credit application; and oversees compliance reviews and pursues any noted deficiencies or 8823 filings.

Collects and analyzes annual audited financial statements for accuracy, completeness, and adverse notes such as going concerns, audit findings, and qualified opinions. Communicate material adverse notes to management.

Collects and reviews annual operating budgets; engage in negotiations with to ensure amounts and explanations are realistic. Ensure partner budgets are included in NRHA’s annual budget.

Monitors rental income, property expenditures, and capital improvements to ensure profitability and sustainability.

Along with Property Management, assist with routine site visits to ensure ongoing physical maintenance of the communities and works with the Partners to address any concerns identified.

Facilitates the reporting and tracking of property compliance with all applicable HUD, federal, state and city regulations.

Assists in developing technology-based solutions for NRHA to provide better management and oversight of the NRHA portfolios, focusing on assets where NRHA has invested as a lender, ground lessor, developer, limited partner, general partner, subsidy provider, etc.

Develops and maintains effective professional relationships and strategic business alliances with internal and external peers.

Partner with Property Management in the development of leasing strategies to maximize occupancy and rental income.

Undertakes special assignments as directed.

Perform other related duties as required to support departmental and agency objectives.

Performance Standards

Reviews financial/operational reports quarterly.
Flags underperforming assets and proposes corrective actions.
Enforces terms of legal and financial agreements.
Conducts or supports quarterly site visits.
Addresses issues with partners promptly.
Prepares and presents complete quarterly asset management reports to leadership on time.

Minimum Qualifications

Bachelor's degree in business administration, Finance, Real Estate, or another business-related field. Three to five years of progressively responsible experience with real estate transactions, affordable housing, tax credit development and compliance, understanding and enforcing legal documents and related laws/requirements. Equivalent combinations of education and experience may be considered.

Preferred Qualifications

Experience with LIHTC developments. Experience with HUD programs and public housing finance. Experience with ERP accounting software such as Yardi, RealPage, Elite, or comparable financial systems.

Special Requirements

Must possess a valid driver’s license.
Subject to a background check and reference verification prior to hire.
Must maintain confidentiality and adhere to NRHA’s code of conduct and ethics policies.

Knowledge, Skills, and Abilities

Knowledge of key aspects of real estate finance, accounting, and property management, including an ability to read and comment on property budgets and variance analyses.
Knowledge and experience in multifamily real estate fundamentals, including underwriting, construction, deal structure and financial analysis, and partnership taxation.
Comprehensive and current knowledge of federal, state, and local programs, laws, regulations, and rules related to public housing, Housing Choice Voucher, and related programs.
Experience and knowledge of the regulations and compliance reporting for both HUD programs (ACC and Section 8) and Section 42 tax code.
A high level of analytical ability to comprehend, understand, and interpret complex and technical information, such as redevelopment and public housing information and public-sector financing information; and to comprehend, understand, and interpret organizational and environmental factors that could have potential effects on the success of projects and programs.
Knowledge of concepts, principles and practices of the LIHTC.
Ability to identify required tasks, develop timelines and execute.
Strong organizational skills are required with attention to detail and ability to perform tasks with limited supervision in a time sensitive work environment.
Ability to communicate issues that may place a project at risk to appropriate team members and assist in developing an action plan that will help mitigate the risk and protect the investment.
Strong verbal and written communication skills, including effective business writing.
Knowledge and demonstrated use of various business software applications/products such as Microsoft Office (Excel, Word, Outlook, and PowerPoint; Power BI).

Physical Requirements

While performing the duties of this job, the employee is frequently required to sit, talk, see, or hear. The employee is occasionally required to stand and walk. The employee must occasionally lift and/or move up to 20 pounds. Job requires depth, color, and texture perception.

NRHA will consider equivalent substitutes for education and/or experience, provided that the candidate can demonstrate that he/she has obtained the knowledge and skill necessary to perform the duties of the job.

NRHA offers a competitive compensation and benefits package. The compensation offer will be determined by the candidate's work history and skill set. Benefits include VRS retirement, medical, dental, and vision insurance; life insurance; long-and short-term disability insurance; tuition reimbursement options; public service loan forgiveness, and much more.

Drug Free Workplace: NRHA maintains a drug free workplace.

VRS Contribution: All full-time employees are required to contribute 5% of annual salary toward their retirement account; in accordance with VRS retirement provisions. This will be handled through a pre-tax payroll deduction.

The Norfolk Redevelopment and Housing Authority is an Equal Opportunity Employer. We are committed to providing equal employment opportunities to all qualified applicants and employees without regard to race, color, religion, sex, sexual orientation, gender identity or expression, national origin, age, disability, genetic information, veteran status, or any other protected status under applicable federal, state, or local law. We value diversity and encourage individuals from all backgrounds to apply.

Learn more about this Employer on their Career Site