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 Portfolio Analyst is responsible for asset management and oversight of NRHA’s real estate portfolio, which is comprised of Low-Income Public Housing, Housing Choice Voucher Program, Low Income Tax Credit units, Rental Assistance Demonstration (RAD), and other mixed-income unit types. Partner with Property Management staff from lease-up throughout the compliance period for tax credit properties. Actively participates in the acquisition, development, and redevelopment of tax credit properties. Acts to assure properties are performing at optimal level, and in compliance with financial covenants, regulatory requirements, and other reporting and filing requirements. Monitors and analyzes properties on a variety of dimensions, including financial and operational performance, physical condition, program compliance, and strength of market. Oversees financial modeling of tax credit investments for various deal structures. Work requires application of independent judgment and initiative. Work requires contact and collaboration with external parties, including Investors, Lenders, Developers, Consultants, Attorneys, Auditors and Third-Party Accountants where results may have organization-wide financial impact.

Essential Functions

Analyzes the operational and financial reports of assigned portfolio in order to assess long-term financial viability; identify performance trends and potential “troubled” assets; and provide historical performance data used to inform strategic decisions.

Develops and presents comprehensive quarterly asset management reports to update senior management on the financial and operational performances of the communities, which includes operational spending trends and variance analysis; physical inspection; and occupancy trends.

Reviews proposed lease-up and operating budgets for all development properties; confirm the financial and economic feasibility of budget projections for revenue, expenses, and capital needs; and develops a detailed understanding of the project operating pro forma included in mixed finance and syndication legal documents to include minimum debt coverage ratios, reserve levels, LP waterfall distribution requirements, and Limited Partner return on investment (ROI) projections.

Coordinates the transition process as properties move from development to operations. Monitors lease-up status to ensure on-time delivery of first year credits; verifies tax credit guarantees in the partnership agreement have been delivered, calculating the annual tax credit amount using the final cost certification, 8609s, and calculation of first year credit delivery from actual lease-up figures; and provides technical assistance in the area of project performance and managerial strategy to ensure the continuous flow of tax credit benefits throughout the compliance period.

Directly responsible for tax credit investment oversight and working with both the Property Manager having physical asset oversight and the Property Operations Accountant having financial oversight of the asset; coordinating, monitoring, and addressing the concerns or requests of the Limited Partner throughout the tax credit investment period.

Monitors monthly, quarterly, and annual operating data from assigned real estate assets. Analyzes, evaluates, interprets, forecasts, reports, and makes recommendations for action on the operational performance, physical condition, program compliance, and strength in market. Analyzes and monitors the long-term property financial performance against budgeted projections; obtains proposed annual property operating budgets, reviews and verifies for consistency with partnership agreements, a