Locust Cove Management (LCM) is a real estate property management firm that specializes in field management operations of affordable housing properties throughout New York City. LCM combines cutting-edge technology with a proven, hands-on management style to manage over 1,000 units across its portfolio. Our properties include rent-stabilized multifamily buildings and subsidized housing governed by LIHTC, Section 8 (HPD, NYCHA, and CityFHEPS), and related NYC and New York State regulatory frameworks including NYC Private Housing Finance Law Section 610. LCM is committed to preserving and operating high-quality affordable housing for the communities we serve.
Position Overview
We are seeking a highly organized, knowledgeable, and detail-oriented Leasing & Compliance Specialist (LIHTC) to join the Locust Cove Management team. This is a full-time, in-office position based in New York, NY. The Leasing & Compliance Specialist is responsible for managing all aspects of the leasing process and ongoing regulatory compliance across a portfolio of affordable housing properties governed primarily by LIHTC (Low Income Housing Tax Credit) regulations, NYC Rent Stabilization laws, NYC Private Housing Finance Law (PHFL) Section 610, and layered NYC subsidy programs including HPD Project-Based Section 8, NYCHA PBV/HCV, and CityFHEPS. This role is the compliance backbone of our property management operation — the person in this seat is responsible for ensuring that every tenant file, every certification, every lease, and every agency submission is accurate, complete, and on time. The ideal candidate brings direct, hands-on NYC LIHTC compliance experience, a strong working knowledge of DHCR rent stabilization, and a firm grasp of how PHFL Section 610 governs subsidy billing and rent setting on vacancies and renewals in rent-stabilized buildings.
Key Responsibilities
Leasing & Applicant Eligibility
- Manage the full leasing process for all vacant LIHTC and subsidized units across the portfolio, from initial marketing and applicant outreach through application processing, eligibility determination, file approval, lease execution, and move-in.
- Screen prospective applicants for income eligibility in accordance with LIHTC income limits (AMI thresholds) set by HUD, HPD, HCR, or HDC as applicable, ensuring that all income documentation is complete, correctly calculated, and consistent with program requirements prior to move-in.
- Process and review all initial Tenant Income Certifications (TICs) for new LIHTC households, verifying third-party income verifications, asset documentation, student status, and household composition in strict compliance with Section 42 of the Internal Revenue Code and applicable regulatory agreements.
- Maintain and manage an active applicant waitlist in accordance with Fair Housing requirements and program-specific marketing plans (HPD, HDC, HCR, or syndicator-approved), including proper lottery and selection procedures where applicable.
- Conduct intake interviews with prospective residents to explain program eligibility requirements, income restrictions, and lease terms in a professional and tenant-friendly manner.
- Coordinate with case managers, housing agencies, and social services organizations (including NYCHA, HPD, HRA, and CityFHEPS administrators) to facilitate applicant referrals and voucher-holder placements, ensuring all eligibility requirements are met before lease execution.
- Prepare all lease documents, addenda, and move-in paperwork in compliance with LIHTC regulatory requirements, NYC Rent Stabilization laws, and any applicable HPD, HDC, or HCR-imposed lease requirements, ensuring accuracy of rent amounts, lease terms, and required disclosures.
- Maintain a target occupancy rate of 97% or above across the LIHTC portfolio by proactively managing vacancy, minimizing the time between unit turnover and new lease execution, and tracking pending leasing activity in AppFolio.
Annual & Interim Recertifications
- Manage the full annual recertification process for all LIHTC households across the portfolio, including scheduling, tenant outreach, document collection, income calculation, and timely completion of updated Tenant Income Certifications (TICs) strictly in accordance with Section 42 requirements.
- Initiate recertification outreach no less than 120 days prior to each household's certification anniversary date and maintain a detailed tracking log in AppFolio to ensure no certification lapses or late completions.
- Process interim certifications for changes in household income, composition, or subsidy status as required by LIHTC program rules and applicable HAP contract terms.
- Calculate income using third-party verification forms, employer letters, tax returns, Social Security award letters, and other acceptable documentation sources; apply the correct income calculation methodology (anticipated annual income) and ensure all calculations are fully documented and auditable.
- Verify continued income eligibility at recertification; implement over-income procedures (140% rule / next available unit rule) as required and notify management immediately of any over-income households.
- Prepare lease renewals in strict compliance with NYC Rent Stabilization laws and applicable LIHTC and subsidy program rules, including DHCR Renewal Lease Forms (RTP-8) where required.
- Submit rent increase and lease renewal requests to applicable city agencies (HPD, NYCHA, DSS/HRA) for tenants receiving Section 8, CityFHEPS, or other rental subsidies.
- Prepare and submit annual DHCR rent registrations for all rent-stabilized units in the portfolio.
LIHTC Regulatory Compliance & Tenant File Management
- Maintain complete, accurate, and audit-ready LIHTC tenant files for every household in the portfolio, both in physical form and electronically within AppFolio.
- Monitor and enforce compliance with LIHTC's minimum set-aside requirements, unit mix designations, and rent restrictions across the portfolio.
- Stay current with all applicable Section 42 regulations, IRS guidance, HUD income limit updates, HCR and HDC program requirements, and NYC local law changes affecting LIHTC compliance.
- Prepare for and manage all LIHTC compliance audits and file reviews conducted by syndicators, investors, HDC, HCR, HPD, or other oversight agencies.
- Ensure compliance with Fair Housing laws, VAWA, and all applicable federal, state, and NYC non-discrimination requirements in all leasing and occupancy decisions.
Subsidy Program Administration (HPD, NYCHA, CityFHEPS & PHFL Section 610)
- Administer all tenant-based and project-based rental subsidy programs within the portfolio, including HPD Project-Based Section 8, NYCHA PBV, NYCHA HCV, and CityFHEPS.
- Apply and enforce NYC PHFL Section 610 across all applicable rent-stabilized units receiving housing subsidies.
- Manage Section 610 compliance on vacancies and lease renewals, including coordinating with HPD, NYCHA, or the applicable lead regulatory agency to obtain required approvals.
- Prepare and submit HAP contract rent increase requests, OCAF adjustments, and annual rent increase notifications to HPD, NYCHA, or DSS/HRA as applicable.
- Conduct annual and interim recertifications for all Section 8 and subsidy-assisted households, including HUD 50059 forms and agency-specific certification packages.
- Serve as the primary point of contact with HPD, NYCHA, and DSS/HRA for all subsidy-related correspondence.
- Coordinate CityFHEPS tenant placements and renewals, including the DSS Offer Registration process for new vacancies.
- Prepare SCRIE and DRIE applications and renewals; ensure approved abatements are properly recorded in AppFolio.
Rent Stabilization & DHCR Compliance
- Ensure full compliance with the NYC Rent Stabilization Law and Code, DHCR regulations, and annual RGB orders for all rent-stabilized units in the portfolio.
- Prepare and distribute all required lease renewal offers to rent-stabilized tenants using DHCR Renewal Lease Forms.
- Process and track IAI and MCI rent increases in tenant files and AppFolio.
- Respond to DHCR complaints, overcharge inquiries, and TPU audit requests in coordination with management and legal counsel.
AppFolio & Property Management Technology
- Serve as the day-to-day operational user and internal resource for AppFolio within the leasing and compliance function.
- Set up new tenant records, lease agreements, and subsidy payment sources in AppFolio at move-in; update records promptly at every change in household or subsidy status.
- Generate and review regular compliance tracking reports from AppFolio and use them to proactively manage deadlines.
- Identify opportunities to leverage AppFolio's affordable housing compliance features to automate deadline tracking and streamline certification workflows.
Audit Preparation, Agency Relations & Reporting
- Prepare all tenant files and supporting documentation for annual LIHTC compliance audits; serve as the primary on-site coordinator during all audits.
- Prepare monthly, quarterly, and annual compliance tracking reports for management.
- Maintain a comprehensive compliance calendar tracking all certification anniversaries, lease renewal deadlines, DHCR registration deadlines, and agency reporting obligations.
- Assist with due diligence for property acquisitions or refinancings by compiling tenant file summaries, certification histories, and compliance status reports.
Cross-Functional Collaboration & Tenant Relations
- Work closely with the Senior Property Manager and on-site staff to coordinate leasing and compliance with day-to-day property operations.
- Partner with the property accountant to ensure all lease and subsidy changes are accurately reflected in AppFolio rent rolls, tenant ledgers, and HAP billing records.
- Serve as the first point of contact for resident inquiries related to lease terms, rent charges, recertification requirements, and subsidy program questions.
- Liaise with HPD, NYCHA, HCR, HDC, DSS/HRA, syndicators, investors, and case management organizations on all compliance, leasing, and subsidy matters.
QUALIFICATIONS / REQUIREMENTS
Locust Cove Management is a compliance-driven organization. We require all team members to be genuinely tech-savvy, highly organized, and detail-oriented. Candidates who are not comfortable with technology or who lack direct LIHTC compliance experience in New York City will not be considered for this role.
Required:
- Bachelor's degree in Business Administration, Real Estate, Public Administration, Urban Studies, or related field; associate's degree with 4+ years of direct NYC LIHTC compliance experience considered on a case-by-case basis.
- Minimum 3–5 years of direct, hands-on LIHTC compliance and leasing experience within the NYC affordable housing industry; candidates without NYC LIHTC experience will not be considered.
- Thorough working knowledge of Section 42 of the Internal Revenue Code, including income qualification methodology, student rules, minimum set-aside requirements, TIC preparation, annual recertification, and the over-income (140%/next available unit) rule.
- Direct experience managing annual and interim recertification processes from start to finish.
- Demonstrated experience with NYC Rent Stabilization laws and DHCR regulations, including DHCR Renewal Lease Forms, annual rent registration, and RGB guideline increases.
- Experience with at least one NYC housing subsidy program (HPD Project-Based Section 8, NYCHA PBV or HCV, CityFHEPS, or NY 15/15).
- Proficiency in AppFolio property management software; direct hands-on experience in a leasing or compliance capacity required.
- Strong working knowledge of Fair Housing laws (federal, state, and NYC) and VAWA requirements.
- Proficiency in Microsoft Excel and Word.
- High degree of general tech-savviness, including comfort with cloud-based platforms and property management software.
- Exceptional organizational skills and attention to detail with the ability to manage multiple concurrent deadlines across a multi-property portfolio.
- Strong written and verbal communication skills.
Preferred:
- LIHTC compliance certification (COS, HCCP, C3P, or TaCCs from NCHM, NAHMA, Quadel, or equivalent); must be willing to obtain within first year at LCM's expense if not currently certified.
- Working knowledge of NYC PHFL Section 610.
- Experience with layered subsidy programs (LIHTC + HPD Section 8 + rent stabilization, or LIHTC + NYCHA PBV + CityFHEPS).
- Experience preparing for and managing LIHTC compliance audits by syndicators, HDC, HCR, or HPD.
- Experience with SCRIE/DRIE processing.
- Experience with HQS or NSPIRE unit inspection coordination.
- Bilingual English/Spanish strongly preferred.
EQUAL OPPORTUNITY STATEMENT Locust Cove Management is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, or protected veteran status.
Pay: $60,000.00 - $80,000.00 per year
Application Question(s):
- Do you have experience leasing affordable housing units and processing lease renewals at properties subject to both LIHTC income restrictions and New York rent stabilization requirements?
- Do you have hands-on experience completing tenant income certifications (TICs) and annual recertifications on LIHTC-regulated properties?
Work Location: In person
