Our SelectLeaders client is seeking a Senior Real Estate Development Accountant to play a lead role in the budgeting and financial management of affordable housing development projects from predevelopment, closing, construction, stabilization, and conversion. Reporting directly to the Controller of Housing, this individual will serve as a strategic partner in driving excellence across the financial operations of the development pipeline.
This role is responsible for managing construction loan draws, monitoring construction budgets, reviewing contracts and cost allocations, reconciling ledgers, and ensuring compliance with construction loan requirements, agency regulations, and accounting best practices. The Senior Real Estate Development Accountant will work closely with Housing Development, Design & Construction, Asset Management, and Finance teams to ensure accurate reporting, timely disbursements, and strong internal controls.
The ideal candidate will have a strong understanding of affordable housing finance, LIHTC transactions, construction accounting, and Yardi, with the ability to navigate the unique financial and regulatory requirements of multiple development projects.
Development, Construction Financial Oversight & Leadership
- Participate in development project meetings to provide financial updates, assess risk, and support business decision-making.
- Review proposals and contracts for fiscal responsibility, completeness, and consistency with billing and documentation requirements.
- Prepare budget-to-actual analyses and variance reports for leadership and external stakeholders.
- Coordinate with tax advisors, external accountants, agencies, and partners on key deliverables, including development budgets, eligible basis calculations, carryover allocations, cost certifications, bond tests (50%/25%), and 8609 filings.
- Ensure compliance with regulatory, lender, investor, and funding requirements.
- Serve as a financial liaison with syndicators, lenders, and housing agencies, responding to inquiries and supporting reporting needs.
Development & Construction Budget Management
- Partner with Project Managers to maintain and update detailed development and construction budgets.
- Establish and maintain project controls within Yardi, including job cost budgets, contracts, sources and uses, and expense tracking.
- Review and code development and construction transactions to ensure accurate cost allocation.
- Prepare anticipated cost reports, cash flow projections, and other financial analyses.
- Reconcile intercompany transactions, including due-to/due-from accounts.
- Maintain organized project documentation to support audits, compliance reviews, and funder reporting.
- Support monthly close and annual audit processes related to the development pipeline.
Construction Loan Draw Administration
- Lead the construction loan draw process across multiple active development projects.
- Prepare, review, and submit draw packages to lenders, investors, and public agencies.
- Coordinate supporting documentation, including pay applications, lien waivers, title reports, inspection reports, and cost backup.
- Track sources and uses of funds to ensure compliance with approved budgets and financing requirements.
- Monitor contingency balances and exposure.
- Coordinate with vendors and project teams to ensure invoices align with contracts, change orders, and approved budgets.
- Reconcile draw activity across Yardi job cost, general ledger, bank statements, and lender tracking systems.
- Monitor draw schedules to ensure timely reimbursement of project expenditures.
- Approve invoices and coordinate with Accounts Payable on vendor setup and payment processing.
- Support project closeout activities, including final cost certification, reconciliations, and documentation.
Finance Operations & Process Improvement
- Serve as a key cross-functional partner on development finance matters, including cash management, funding timelines, and compliance.
- Collaborate with Finance, IT, and external consultants to improve accounting systems and processes, including Yardi optimization initiatives.
- Support the development and implementation of standard operating procedures related to development finance activities.
- Recommend and implement enhancements to internal controls and accounting processes.
- Partner with Asset Management on financial reporting, operating budgets, REO reporting, and contingent liability tracking.
- Assist with tax filings and reporting for affiliated entities.
- Ensure all financial reporting complies with GAAP and applicable accounting standards.
Core Competencies
- Financial Analysis & Reporting
- Construction Cost Management
- Affordable Housing Finance
- Regulatory Compliance
- Cross-Functional Collaboration
- Process Improvement
- Risk Identification & Mitigation
- Strong understanding of GAAP and internal controls
- Excellent organizational and project management skills
- Strong written and verbal communication abilities
Qualifications
- Bachelor’s degree in Accounting, Finance, or related field required; CPA preferred.
- 5–8+ years of accounting experience within real estate development, with significant exposure to affordable housing projects.
- Demonstrated experience managing construction loan draws and development/construction budgets.
- Strong knowledge of LIHTC transactions and affordable housing financing structures.
- Advanced proficiency in Yardi, including job cost, general ledger, and reporting functions.
- Advanced Excel skills, including pivot tables, lookups, financial modeling, and budget tracking.
- Ability to manage multiple projects and deadlines in a fast-paced development environment.
