Audit and Compliance Specialist (44 views)

Job Description


Cabrillo Economic Development Corporation (CEDC) is a community development corporation serving Ventura, Santa Barbara and Los Angeles Counties. CEDC’s core program areas are the development and construction of multi-family rental housing for very low, low, and moderate-income families; homeownership education, counseling, loan packaging and lending; property management; and community building and neighborhood revitalization.

An industry leader since 1981, CEDC has built 45 affordable housing developments totaling close to 1,700 ownership and rental units.  It currently has an ownership interest in 1,121 rental units that it manages. CEDC has an annual operating budget of $5,800,000 and multiple projects in the early stages of development.


The Audits & Compliance Specialist is responsible for monitoring property compliance with Section 42 of the IRC, Section 8 guidelines, HFA (Housing Finance Agency) HOME, Rural Development, and other affordable program. Assisting Resident Managers with compliance needs is expected. This is a full-time non-exempt position and reports to the Director of Property Management.

Additionally, in conjunction with the CFO’s office, you will support the management of replacement reserves, which applies to all rental projects that have an outstanding loan balance or regulatory agreement from any of HCD, CalHFA, USDA-RD or Section 811, for CEDC’s multifamily rental portfolio.

DUTIES AND RESPONSIBILITIES include the following, but are not limited to:

  • Reviews and monitors changes in regulatory and reporting provisions of government agencies, e.g., TCAC, HUD, HOME, RHCP, MHP etc. Disseminates information to property management personnel both on-site and in central office, and maintains master regulatory binders/files/library.
  • Ensures up-to-date compliance on the part of all properties. Updates company compliance forms, as needed.
  • Conducts audits on 20% of the resident files, in conjunction with the Property Portfolio Supervisor, in advance of all TCAC inspections and HUD MOR’s.
  • Reviews and approves all move-in and recertification files from the published income limit for accuracy and compliance with gross rent, utility allowances, income limitations and all other regulatory requirements, partnership agreements and public program requirements.
  • Ensures that the tenant selection process abides by the guidelines and regulations governing such projects.
  • Provides a New Applicant Review Form to the Property Portfolio Supervisor and reviews correction documentation.
  • Facilitates marketing and lease-up activities of new sites as it relates to occupancy requirements. Coordinates the approval of all resident move-in files during rent up process of new properties for accuracy and compliance with rent, utility allowances, income limitations and all other regulatory requirements, partnership agreements and public program requirements.
  • Follows policies and procedures, (ex. Limited English Proficiency Plan, EIV Policies & Procedures) to ensure staff compliance with regulatory requirements relating to the set-up and ongoing maintenance of resident files and general project compliance.
  • Oversees and/or completes successful monthly submission of the HUD vouchers through Yardi.
  • Follows all internal policy for submission of compliance related documents.
  • Ensures that the department collects, summarizes and distributes Maximum Income Limits and Maximum Rent Limits for each funding source on an annual basis. Updates appropriate limit schedules in Yardi. Creates special income and/or rent limit charts and tracking systems as needed.
  • Reviews all USDA-Rural Development (RD) interim re-certifications and annual certifications.
  • Completes all HOME annual certifications required by regulatory agency (HCD, City, County).
  • Attends monthly CEDC Property Management meetings to review and report on compliance issues. Attends all regulatory (HCD, HUD, CalHFA, among others), industry meetings and other regulatory agency meetings as required and appropriate.
  • Collaborates on procedures for systematic retention, protection, retrieval, transfer and disposal of records in compliance with regulatory requirements.
  • Provides additional support to the Property Management Department on special projects relating to overall company compliance and reporting activities

   Collaborative Relationships:

  • In conjunction with the Property Management Director, Property Portfolio Supervisor and Human Resources, assists in providing staff training on compliance issues, re-certifications, and other legal monitoring requirements.
  • In conjunction with the Property Portfolio Supervisor and administrative staff, ensures that all regulatory documentation, such as Affirmative Fair Housing Marketing Plans, Management Certifications, Rent Schedules, Tenant Selection Plans, CEDC’s Application, and other required documentation are kept up-to-date at all times.
  • In conjunction with Accounting, ensures timely, accurate and complete compliance and reporting to all agencies, lenders, partners and investors. Develops monitoring, reporting and recordkeeping systems to ensure compliance.


  • Knowledge of HUD, CHFA, USDA RD and Tax Credit regulations.
  • Knowledge of regulatory agreements and ability to interpret it.
  • Working knowledge of applicable local, state and federal housing laws.
  • Strong analytical, oral and written communication skills.
  • Proven ability to conduct research, coordinate multiple projects, solve problems, prepare/update supporting documentation and maintain records.
  • Effective interpersonal skills and ability to represent the company to government, financial institutions and other outside agency representatives.
  • Demonstrated ability to work independently and as part of a team, to exercise tact and diplomacy and maintain confidentiality.
  • Ability to work under pressure and successfully meet deadlines
  • Excellent decision-making, interpersonal and time management skills.
  • Computer literate. Proficient in Word and Excel. Experience with property management software (preferably YARDI).
  • Must be able and willing to travel to all company locations to carry out duties and responsibilities associated with compliance and occupancy issues.
  • Ability to handle shifting and multiple priorities in a fast paced, growth environment.
  • Flexible, creative and well organized.
  • Experience working with diverse groups, i.e. staff, residents, investors and outside contacts.
  • Commitment to the companies’ goals and philosophy


CEDC offers a competitive salary. Our comprehensive benefits package includes health insurance coverage (either HMO or PPO), dental, vision, and life insurance. Other benefits include paid time off, specific paid holidays and an opportunity for enrollment in our 403(b) retirement plan.