Staff Accountant II/III -Development

Job Description

Job Description

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 Development Staff Accountant is responsible for the financial management, accounting, reporting, and compliance activities related to NRHA’s real estate development and redevelopment projects, as well as real estate transactions (acquisition/disposition). This position supports affordable housing development, mixed-finance transactions, tax credit properties, public-private partnerships, and capital improvement projects by ensuring accurate financial reporting throughout the project lifecycle—from acquisition and predevelopment through construction, lease-up, stabilization, and project closeout.

The Development Accountant works closely with Real Estate Development, Finance, Portfolio Analyst, Procurement and external partners to maintain financial integrity, ensure regulatory compliance, and provide timely financial information for decision-making.

Essential Functions  

Development Accounting: Establish and maintain accounting records for all development and redevelopment projects; create and monitor project budgets within the accounting system; track project expenditures against approved development budgets; record all construction, development, acquisition, and financing transactions; maintain separate accounting records for each development entity, grant, and funding source; monitor project cash flow and funding availability; prepare monthly financial statements for development entities; reconcile project accounts, bank accounts, and general ledger balances; and ensure all project costs are properly capitalized in accordance with GAAP. 

General Accounting: Prepare journal entries; perform account reconciliations; approve/process invoices related to development projects; assist with annual budget preparation; assist with year-end closing activities; and recommend improvements to accounting procedures and internal controls. 

Construction Draw Administration: Track contractor payment applications; coordinate processing of construction draw requests; verify supporting documentation for payment requests; track retainage balances; maintain construction contingency schedules; reconcile construction draws with lender funding; and coordinate payments with finance staff. 

Financing & Funding Administration: Monitor loan balances and financing proceeds; maintain lender reporting schedules; prepare funding reimbursement requests; ensure compliance with funding requirements; and track funding from multiple sources (including but not limited to Low-Income Housing Tax Credits (LIHTC), HOME Funds, CDBG, State Housing Funds, bonds, conventional loans, and private equity investments)

Financial Reporting: Prepare monthly development financial reports; produce project cost reports for management; prepare sources and uses analyses; maintain budget-to-actual reports; prepare cash flow forecasts; assist in preparing financial information for Board presentations and prepare year-end workpapers for auditors. 

Compliance: Ensure compliance with GAAP, HUD regulations, loan covenants, tax credit requirements, development agreements and internal accounting policies; documentation supporting all development expenditures is maintained; and assist during external audits and monitoring reviews. 

Project Support: Participate in project kickoff meetings; attend development progress meetings; work closely with development managers regarding project budgets; assist with project financial feasibility analyses; support financial closings and project conversions; coordinate financial information required by lenders, investors, and government agencies. 

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

Performance Standards  

• Maintain accurate financial records, prepare journal entries, and reconcile accounts in compliance with GAAP. Assist in timely preparation of monthly, quarterly, and annual financial statements with minimal errors. 
• Monitor expenditures to ensure alignment with HUD and grant requirements; support fund reporting and cost allocation. 
• Provide accurate and complete documentation for audits; assist in resolving audit findings promptly. 
• Enter and manage data in financial software (e.g., Yardi, Excel) efficiently and with precision. 
• Support the year-end closing process through accurate reconciliations and timely reporting. 
• Follow established financial policies and ensure compliance with internal controls. 
• Communicate effectively with finance staff.
• Balance multiple priorities, meet deadlines, and deliver consistently high-quality work. 
• Maintain strict confidentiality and uphold NRHA's ethical standards in all financial activities. 

Minimum Qualifications

Staff Accountant II

Bachelor's degree in Accounting, Finance, or a closely related field. Three to five years of progressively responsible accounting experience. Experience with construction, real estate development, or project accounting preferred. Experience with affordable housing, governmental accounting, or nonprofit accounting is highly desirable. Equivalent combinations of education and experience may be considered.

Staff Accountant III

Bachelor's degree in Accounting, Finance, or a closely related field. Five or more years of progressively responsible accounting experience. Experience with construction, real estate development, or project accounting preferred. Experience with affordable housing, governmental accounting, or nonprofit accounting is highly desirable. 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

• Intermediate to advanced understanding of Generally Accepted Accounting Principles (GAAP), fund accounting, and financial reporting requirements. 
• Knowledge of HUD financial management and reporting procedures, including Public Housing, Housing Choice Voucher (HCV), and other federal grant programs. 
• Knowledge of concepts, principles and practices of LIHTC.
• Understanding of cost allocation methodologies, restricted funds, and multi-fund accounting. 
• Familiarity with federal and state regulatory compliance in a public-sector or nonprofit finance environment. 
• Knowledge of internal control frameworks and audit procedures. 
• Proficiency in accounting software systems (Yardi, Emphasys, or comparable ERP systems). 
• Advanced Microsoft Excel skills, including data analysis tools, formulas, and pivot tables. 
• Strong attention to detail and accuracy.
• Strong analytical and quantitative problem-solving skills with the ability to identify and resolve discrepancies. 
• Excellent written and verbal communication skills to prepare clear financial reports and explain complex financial data. 
• Strong organizational skills with the ability to manage multiple priorities and meet deadlines. 
• Ability to work independently and exercise sound judgement when handling sensitive financial information.
• Ability to interpret and apply HUD and other funding agency financial guidelines. 
• Ability to work effectively in a collaborative team environment. 
• Ability to maintain confidentiality, integrity, and professionalism in all financial matters. 
• Ability to adapt to evolving technologies, financial systems, and regulatory requirements.  

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.