Restructuring and Due Diligence Associate

Job Description

Job Description

New York State Homes and Community Renewal (HCR) is the State’s affordable housing agency, with a mission to build, preserve, and protect affordable housing and increase homeownership throughout New York State.

A Civil Service exam is not required for this position. Candidates must meet the minimum qualifications outlined below to be considered.

NYS Homes and Community Renewal (HCR) is committed to fostering a culture of diversity, equity, inclusion, and accessibility. Our work would not be possible without the diverse backgrounds, experiences, ideas, and abilities of our employees. HCR is committed to developing a workforce which represents the diverse population of New York State. HCR embraces a diverse and inclusive work environment by encouraging all individuals, including those with disabilities, to apply to open positions at the agency.

The Office of Housing Preservation manages HCR programs that maintain and enhance the state’s portfolio of existing affordable housing. We enforce the Rent Laws in New York State for over 900,000 housing units, while providing federal and state rental assistance to assist more than 45,000 families across the state. We also monitor 130,000 low-income housing units financed with federal and state resources and provide grant funding to help homeowners and tenants save energy.

The Statewide Asset Management Unit (SAMU) is responsible for the asset management and compliance monitoring of the Agency’s existing housing loan portfolio. This portfolio has been financed under various loan and subsidy programs under Federal and State housing programs including the Low-Income Housing Tax Credit; Housing Trust Fund; HOME, RAD, Mitchell-Lama, and various other State housing programs

New York State Homes and Community Renewal (HCR)is the States’s affordable housing agency, with a mission to build, preserve, and protect affordable housing and increase homeownership throughout New York State.

JOB SUMMARY:

The Due Diligence Audit Associate will support the Statewide Asset Management Unit (SAMU) by conducting independent compliance reviews and operational audits related to special transactions within the affordable housing portfolio. These transactions may include sales, ownership interest transfers, mortgage pay-offs, and refinancings. The Associate will evaluate these activities to ensure adherence to regulatory requirements and internal policies, identify operational risks, and recommend corrective actions where needed. This role also involves coordinating site visit documentation and supporting consistent audit practices across the portfolio. The Due Diligence Audit Associate will collaborate with internal stakeholders—including Legal, Finance, Development, and Financial Operations—as well as external partners such as government agencies, lenders, owners, and investors, to promote program integrity and strengthen compliance and asset performance statewide

Summary of position responsibilities:

• Act as HCR point of contact, interacting with investors, owners, and other stakeholders while advancing special transactions to closing.
• Assess whether the proposed transactions align with HCR preservation goals and regulatory requirements.
• Review mortgage loan documents and regulatory agreements associated with transactions.
• Develop a timeline and approach needed to bring each transaction from intake to completion. Lead and coordinate calls, meetings, and discussions in connection with the proposed transactions.
• Provide regular progress reports to senior Agency staff.
• Conduct internal audits of housing developments across the SAMU portfolio, with a focus on LIHTC, HOME, HTF, Section 8, RAD, and Mitchell-Lama program compliance.
  • Review agency files, financial records, regulatory agreements, and management procedures to ensure adherence to applicable laws and agency policies.
  • Identify non-compliance trends, systemic issues, and internal control gaps; develop and track corrective action plans.
  • Prepare detailed audit reports and maintain documentation of findings, responses, and resolution timelines.
  • Support the development and refinement of audit tools, SOPs, and compliance frameworks.
  • Support the annual review and revision of field inspection forms, audit checklists, and compliance procedures.
  • Monitor team adherence to established policies and escalate inconsistencies or gaps in execution to the VP.
  • Support enterprise-wide risk assessments and help prioritize audits based on performance trends and regulatory exposure.
  • Generate dashboards and summary reports for executive leadership highlighting audit results, outstanding issues, and compliance status.
  • Training and Technical Assistance:
  • Provide guidance to unit on compliance documentation, audit preparedness, and proper use of file checklists and tracking tools.
  • Contribute to internal training materials and sessions to ensure consistent understanding of audit procedures and regulatory obligations.
  • Corrective Action Tracking
  • Collaborate with management to develop and monitor corrective action plans for non-compliant projects.
  • Ensure follow-through and documentation of resolution steps in alignment with HCR policy.
  • Oversee site visit logs to ensure all protocols have been followed and all data is propel logged in all platforms and notices are issued in a timely manner.
  • Interagency Engagement & Knowledge Sharing
  • Liaise with external partners (HPD, HDC, HUD, other HFAs) to share policy updates, compliance guidance, and best practices.
  • Contribute to team-wide understanding of federal and state compliance changes and their impact on HCR protocols.
  • Document and Policy Interpretation
  • Serve as a resource to team members seeking clarification on legal, financial, or regulatory documentation relevant to asset performance and compliance.