Tax Credit Allocation Officer II

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Job Description

Entry-level professional with some experience to contribute on a project or program. Role learns to use professional concepts to resolve problems of limited scope and complexity under close supervision while achieving day-to-day objectives. Works on developmental assignments that are initially routine in nature, requiring limited judgment and decision making. This level is typically focused on self-development. Requires theoretical knowledge through specific education and training.

Job Purpose

The Tax Credit Allocation Officer II is responsible for the completion and / or review of Carryovers, Indenture of Restrictive Covenants, Carryover / 10% tests, and Cost Certification packages, for Low-Income Housing Tax Credit ("tax credit") Developments, including tracking of requirements and deadlines, with the added responsibilities of training / assisting with training Tax Credit Allocation Officer I.

Essential Functions

• Become well versed on Section 42 of the Internal Revenue Code including all amendments.
• Become familiar with other parts of the Internal Revenue Code which affect the inclusion of costs or funding sources in the qualified basis of the property.
• Keep apprised of all changes to regulations that are issued by the Treasury Department.
• Become well versed in the Agency's Qualified Allocation Plan and Program Guidelines and keep apprised of changes from year to year, as there are typically multiple program years in process.
• Review recently awarded Tax Credit applications, as assigned, for completion and preparation of the Carryover Agreement and Restrictive Covenant Agreement (aka Indenture of Restrictive Covenants).
• Review the Carryover Part 1 submissions for assigned projects to verify documentation requirements have been met and the Carryover Agreement is accurately completed.
• Review Carryover 10% Test documentation to verify the 10% Test has been met and all documentation requirements have been satisfied. If potential recapture, submit information and recommendation to supervisor for verification.
• Process and / or review Cost Certification / Placed-In-Service Packages by completing a thorough full review of the package to confirm all requirements have been submitted, documentation has been properly completed, and ranking has been maintained. Determine the eligible basis, qualified basis, and the tax credits to be allocated.
• Prepare and / or review all final documentation to ready a project file for the final cost certification review and issuance of an allocation of tax credits.
• At the time of all subsequent reviews, review all project aspects such as costs, basis, fees, anticipated rents, and ranking criteria to ensure continued compliance with the application as well as the Agency's guidelines and federal regulations.
• Review all sources of funds including mortgages, grants and equity contributions including syndication proceeds, as well as complete thorough review of all documents.
• During subsequent reviews, determine the amount of tax credits necessary to achieve project feasibility and maintain long term viability.
• Verify project ranking is maintained throughout processing and at the time of subsequent reviews notify the developer of any failures.
• Discuss with the developer any problems with the development review during any stage of review post reservation. Originate correspondence as required.
• Be familiar with the IBM screen, and update the computer of all changes to assigned projects. Maintain accurate information on the computer for all assigned projects. Report any project concerns to supervisor in a timely manner.
• Prepare any reports that may be required by in-house personnel or by requests from outside the Agency.
• Attend internal staff meetings as required to keep apprised of Agency projects that are utilizing tax credits.
• Assist with updating Carryover and / or Cost Certification submission requirements, compiling survey responses, research requests, or other assignments as needed and assigned.
• Participate in educational seminars and classes.

EEO Statement

As an employer, PHFA is committed to having a workforce that is diverse and reflects the residents that it serves. We strive to maintain a workplace where all employees and applicants for employment receive equal opportunities in all aspects of employment. There are numerous policies in place at PHFA to help us honor this commitment.

The Pennsylvania Housing Finance Agency is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to age, disability, family status, gender, national origin, political affiliation, race or religion.

Diversity Statement

PHFA values, honors and commits to the equitable treatment and elimination of discrimination in all forms. We are committed to the diversity of all staff, and in all programs and services offered.