Senior Real Estate Development Accountant (52080)

ESSENTIAL DUTIES AND RESPONSIBILITIES

The Senior Real Estate Development Accountant plays 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, RiseBoro seeks a strategic thought leader to drive continued excellence in the financial operations of the housing pipeline. This role manages construction loan draws, monitors construction budgets, reviews contracts and cost allocations, reconciles ledgers, and ensures compliance with construction loan terms, agency requirements, and accounting best practices. The position works closely across the Housing Development, Design & Construction, and Finance teams to ensure accurate reporting, timely disbursements, and strong internal controls. The Senior Accountant must be conversant with each housing project's unique parameters, including proforma financial projections, regulatory requirements, and contracts. Proficiency in YARDI, knowledge of affordable housing finance, and advanced Excel skills are essential.

Development, Construction Financial Oversight, and Leadership

• Participate in Housing 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 standardized billing and documentation requirements.
• Prepare budget-to-actual analyses and variance reports for internal leadership and external partners.
• Coordinate with tax and external accountants, agencies, and partners to complete key deliverables, including development budgets, eligible basis calculations, carryover allocations, cost certifications, bond tests (50%/25%), and 8609 filings.
• Ensure compliance with all regulatory and funding requirements.
• Interface with syndicators, lenders, and housing agencies to respond to financial inquiries.

Development, Construction Budget Maintenance, and Reporting

• In collaboration with Project Managers, maintain and update detailed development and construction budgets.
• Establish and maintain project controls in Yardi, including job cost budgets, contracts, sources and uses, and expense tracking.
• Review and code development and construction transactions in Yardi to ensure accurate cost allocation.
• Prepare Anticipated Cost Reports, cash flow projections, and other financial analyses.
• Identify and reconcile intercompany transactions, including due to/due from (DTDF) accounts.
• Maintain organized project documentation to support audits and funder reviews.
• Support monthly close and annual audit processes related to the development pipeline.

Construction Loan Draw Management

• Lead end-to-end construction loan draw processes across multiple 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 alignment with approved budgets and financing requirements.
• Monitor contingency usage and exposure.
• Coordinate with vendors and project managers to ensure invoices align with contracts, change orders, and approved budgets.
• Reconcile draws across Yardi job cost, general ledger, bank statements, and external lender tracking.
• Monitor draw schedules to ensure timely reimbursement of project expenditures.
• Approve invoices and coordinate with Accounts Payable on vendor setup and payments.
• Support project closeout, including final cost certification, reconciliation, and documentation.

Finance Operations

• Serve as a key cross-functional liaison on development finance, including cash management, funding timelines, and compliance.
• Partner with Finance, IT, and external consultants to enhance accounting systems and processes (including Yardi optimization).
• Support the development and enforcement of standard operating procedures for housing finance activities.
• Recommend and implement improvements to internal controls and accounting processes.
• Support Asset Management with financial tracking, including REO reporting, contingent liabilities, and operating budgets.
• Assist with tax filings and reporting for affiliated entities.
• Ensure all reporting complies with GAAP and applicable financial reporting standards.

COMPETENCIES

• Financial analysis & reporting
• Construction cost management
• Regulatory compliance
• Cross-functional collaboration
• Process improvement
• Risk identification & mitigation
• Strong understanding of GAAP and internal controls.
• Excellent organizational skills with high attention to detail.
• Strong communication skills with the ability to collaborate across departments and with external partners.

EDUCATION and EXPERIENCE

• Bachelor's degree in Accounting, Finance, or related field (CPA preferred).
• 5-8+ years of accounting experience in real estate development, with a strong focus on affordable housing.
• Demonstrated experience managing construction loan draws and development budgets.
• Strong knowledge of LIHTC and other affordable housing funding structures.
• Advanced proficiency in Yardi (job cost, payscan, general ledger analytics, etc.).
• Advanced Excel skills (pivot tables, lookups, financial modeling, budget tracking).