Staff Accountant II/III -Development

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 #J-18808-Ljbffr Norfolk Redevelopment And Housing Authority