Chief Financial Officer

Job Description

Job Description:\n\nAbout SEBCO Development SEBCO Development is a mission-driven developer, owner, and operator of affordable and subsidized housing in the Bronx that also runs shelter programs. We combine public, private, and philanthropic capital to build, preserve, and manage high-quality homes for individuals and families. We believe that financial sustainability and social impact go hand-in-hand. Position Summary SEBCO Development is seeking a highly experienced and strategic Chief Financial Officer to provide executive leadership and comprehensive oversight of the organization’s financial operations. The CFO is a key member of the executive leadership team and a strategic partner to the CEO and Board of Directors, responsible for safeguarding the organization’s financial strength while upholding the highest standards of fiscal accountability, regulatory compliance, internal controls, and financial reporting. This is an experienced, hands-on role managing complex operations across nonprofit and for-profit entities, real estate ownership entities, government contracts, affordable housing properties, development projects, and multiple funding sources. The successful candidate has extensive, hands-on knowledge of NYC Housing Preservation & Development (HPD) programs and Regulatory Agreements, U.S. Department of Housing and Urban Development (HUD) requirements, Low-Income Housing Tax Credit (LIHTC) requirements, affordable housing development finance, and NYC Department of Homeless Services (DHS) shelter contract financial compliance. Substantial direct New York City affordable housing financial and regulatory experience is required as described below. Key Responsibilities Executive Leadership & Strategic Financial Management • Serve as principal financial advisor to the CEO and provide strategic guidance to executive leadership and the Board. • Lead accounting, financial planning, budgeting, forecasting, treasury, cash management, audit, tax, compliance, and financial reporting. • Develop short- and long-term financial strategies supporting SEBCO’s mission, affordable housing portfolio, shelter programs, development activities, and growth. • Evaluate the financial implications of major decisions, real estate transactions, development opportunities, financing arrangements, and new programs. • Establish key financial performance indicators and management reporting systems. • Operate with a high degree of transparency in an environment of active external scrutiny: pre-clear and certify the accuracy of submissions to agencies, lenders, and oversight bodies, and respond promptly to document and bank-record requests. • Participate in executive-level negotiations with government agencies, lenders, investors, and development partners, and act as the primary financial liaison to those parties. Real Estate Development Finance & Capital Structuring • Provide financial leadership for acquisition, rehabilitation, preservation, refinancing, and new construction projects, partnering with the development team to evaluate, optimize, and secure complex capital stacks involving LIHTC, tax-exempt bonds, HPD and HUD programs, CDFIs, and philanthropic capital. • Review development budgets, sources and uses, operating pro formas, construction budgets, loan terms, equity investments, development fees, and long-term project feasibility. • Oversee construction draws, equity installments, cost certifications, and conversion from construction to permanent financing. • Align corporate capital budgets with property management realities, underwriting, and public sector agency requirements. • Provide financial leadership for entity consolidations, mergers, and restructurings, including the cash, reserve, and regulatory implications for each affected property. Low-Income Housing Tax Credit (LIHTC) • Provide financial oversight of the LIHTC portfolio and related ownership entities, with strong command of financing structures, partnership agreements, compliance periods, and partnership accounting. • Oversee relationships and reporting with investors, syndicators, lenders, accountants, attorneys, and agencies. • Monitor investor reporting, capital contributions, capital accounts, reserves, cash-flow waterfalls, distributions, operating performance, financial covenants, and cost certifications. • Lead financial strategy for LIHTC refinancing, restructuring, preservation, investor exits, and Year-15 transactions, with the goal of zero tax credit recapture events. HPD & HUD Regulatory Compliance • • HPD: Review and monitor Regulatory Agreements, mortgages, and loan documents to ensure compliance with financial obligations and restrictions. Maintain systems to track reporting deadlines, reserve requirements, cash-flow restrictions, distribution limits, debt obligations, covenants, and required agency approvals. • HDFC Cooperatives: Ensure timely and accurate annual regulatory submissions for HDFC cooperatives, including audited financials, accounts-payable schedules, rent rolls, proof of insurance, and prior-year bank statements for operating and reserve accounts. • HUD: Maintain senior financial oversight of the federally assisted portfolio, including operating accounts, replacement reserves, residual receipts, and other regulated funds. Coordinate responses to HUD monitoring, audits, and reviews. • Maintain records demonstrating compliance and coordinate responses to agency audits, financial reviews, and monitoring requests, working with property management, asset management, compliance staff, and outside professionals. DHS Shelter Contract Financial Compliance • Provide executive financial oversight of programs operating under NYC DHS contracts, with working knowledge of DHS fiscal requirements, contract budgets, allowable costs, reimbursement, documentation standards, and audit requirements. • Ensure expenditures are allowable, reasonable, properly allocated, documented, and consistent with approved budgets; monitor for overspending, underspending, questioned costs, and disallowances. • Own the cost allocation methodology for shelter and other program reimbursement, ensuring only the portion of administrative overhead reasonably attributable to each program is billed, and review contract budgets before submission. • Extend the same discipline to other City human services contracts (e.g., DSS, Department for the Aging). • Oversee fiscal reports, invoices, claims, reconciliations, and budget modifications, and coordinate responses to DHS monitoring, audits, and corrective-action requests. Financial Policies, Procurement & Related-Party Oversight • Design, write, and implement a Fiscal Procedures Manual covering bank reconciliation, general ledger posting, payroll-to-GL reconciliation, check authority and approvals, expense reimbursement, cash tracking, and reserve management. • Develop financial reporting checklists and a master calendar of every recurring financial, regulatory, and lender obligation, with CFO or Controller review before anything is submitted externally. • Establish procurement and vendor controls: competitive bidding scaled to contract value, vendor due diligence, confirmation that invoiced services were actually performed before payment, vendor audit-rights, and M/WBE tracking. • Review all transactions with affiliated or related businesses for arm’s-length, market-rate terms; ensure proper documentation and financial statement disclosure; and monitor intercompany balances and advances to underperforming affiliates. • Assess the financial condition of affiliated for-profit businesses, including receivables aging, cash position, and ability to fund payroll. • Ensure the accuracy of prevailing wage disclosures, certified payroll, and payroll reports and payment requisitions submitted to government agencies. • Maintain policies and controls that keep public funds from being commingled with other monies, and recommend policies on related-party transactions, overhead allocation, and executive compensation. Accounting Operations, Systems & Internal Controls • Directly lead the Controller and the accounting and finance department, setting responsibilities, performance expectations, reporting deadlines, and accountability standards. • Oversee the general ledger and monthly close, payables and receivables, treasury, bank reconciliations, payroll controls, property and entity-level accounting, intercompany reconciliations, restricted and unrestricted funds, reserves, fixed assets, development and construction accounting, government contract reimbursement, and consolidations. • Modernize and maintain financial systems, workflows, and cash flow forecasting models so the department scales with the organization, including a monthly management and Board reporting system fed by property-level data. • Oversee and reconcile financial data from third-party managing agents and multiple property systems (e.g., MRI, Yardi) into SEBCO’s consolidated reporting, and investigate discrepancies between systems. • Maintain comprehensive policies and controls, including segregation of duties, authorization, banking and purchasing controls, and fraud prevention, to protect public, private, restricted, and regulated funds. Budgeting, Forecasting & Cash Management • Lead annual organizational, departmental, program, and property budgeting; develop multi-year forecasts and cash-flow projections; and provide budget-to-actual and variance analyses. • Monitor timely funding of operating and capital reserves by property, identify distressed properties and affiliates (critical cash, aged payables, deficit operations), and lead recovery and workout plans. • Oversee liquidity, operating cash, restricted funds, reserves, investments, debt obligations, and banking relationships to ensure adequate working capital and long-term stability. Audits, Taxes & Regulatory Reporting • Serve as primary executive liaison to independent auditors and outside accounting and tax professionals. • Oversee annual organizational, property-level, LIHTC, government contract, regulatory, and Single Audits (when applicable), as well as cost certifications. • Coordinate nonprofit, corporate, partnership, and real estate tax filings, including Form 990, and ensure the IRS and NY Charities Bureau filings are consistent. • Track audit findings and management-letter recommendations to remediation, reduce the volume of auditor-proposed adjusting entries over time, and support independent Board review of audited financials before they are finalized. Risk Management • Identify financial, regulatory, contractual, and operational risks and advise the CEO on corrective measures. • Oversee corporate and property-level insurance, risk mitigation frameworks, and legal-financial structuring. Board Reporting • Present clear financial information to the CEO, Board, Finance Committee, and other committees, covering financial performance, cash and liquidity, cash flow forecasts, AP and tenant AR aging, overhead allocations, budgets and forecasts, portfolio performance, government contracts, development projects, regulatory compliance, audits and findings, major transactions, and risks. • Translate complex financial, affordable housing, and regulatory matters into clear, actionable information for decision-making. People Leadership • Lead, mentor, and build the capacity of a high-performing finance and accounting team. • Serve as an approachable advisor to program, property, and development staff, translating financial metrics into practical insights for non-financial colleagues. Required Qualifications Candidates must meet the following minimum qualifications to be considered: • Education: Bachelor’s degree in Accounting, Finance, Business Administration, or a related field. CPA, MBA, or Master’s degree strongly preferred. • Experience: Minimum of 10 years of progressively responsible financial management experience, including significant senior-level financial leadership. • NYC Affordable Housing: Minimum of 7 years of direct New York City affordable housing financial management experience, with senior-level experience at a NYC affordable housing owner, developer, property management organization, or nonprofit housing organization. • HPD & HUD: Extensive, hands-on knowledge of NYC HPD programs, financing requirements, Regulatory Agreements, reserve requirements, and reporting, and of HUD affordable housing financial and regulatory requirements. • HDFC & Tax Exemption: Working knowledge of HDFC cooperative structures and their HPD financial submission requirements. • LIHTC: Extensive knowledge of LIHTC financing structures, partnership accounting, investor reporting, compliance, reserves, distributions, and cost certifications. • DHS Shelter Contracts: Experience with NYC DHS shelter contracts, including contract budgeting, allowable costs, reimbursement, fiscal reporting, audits, and compliance. • Multi-Entity Operations: Demonstrated experience managing the finances of multiple affordable housing properties and related ownership entities, including nonprofit corporations, for-profit corporations, LLCs, and limited partnerships. • Development Finance: Demonstrated experience with development budgets, sources and uses, construction and permanent financing, government loans, tax credit equity, construction draws, cost certifications, and project conversion. • Stakeholder Experience: Experience working directly with government agencies, lenders, tax credit investors, syndicators, auditors, attorneys, and accountants. • Accounting Expertise: Strong knowledge of GAAP, nonprofit and for-profit accounting, partnership and property-level accounting, consolidations, budgeting, forecasting, cash management, audits, and internal controls. • Management: Demonstrated experience supervising a professional accounting and finance department, including direct oversight of a Controller or comparable senior accountant. • Communication: Demonstrated ability to present sophisticated financial information to a CEO, Board, Finance Committee, agencies, lenders, and investors. • Policies & Controls: Demonstrated experience designing and implementing fiscal policies and procedures, procurement and vendor controls, and related-party oversight. • Systems: Working knowledge of real estate accounting systems (MRI and Yardi preferred) and advanced financial modeling tools, with the ability to reconcile data across systems and outside managing agents. • Preferred Experience: Experience improving financial controls in an organization responding to audit findings, regulatory scrutiny, or corrective action; familiar

Company Description

Thriving Bronx Based (CBO) Not For Profit Affordable Housing Developer has been in successful operation for over 50 years. SEBCO developed one of the first Section 8 Projects in the United States right here in the South Bronx. SEBCO's basic mission is to develop and maintain affordable housing in the Bronx and provide supportive services and security to our residents and the entire neighborhood.\nSEBCO has two new ground up construction projects in the pipeline as well as several refinancing of current developments that are in progress currently. SEBCO also sponsors three (3) DHS homeless shelters and a DFTA lunch program for senior citizens as well as an NPP grant. SEBCO and its staff are committed to improving the local community through development and investment not only in the properties but also in the people who work and live in our developments.