Affordable Housing, Senior Analyst

Affordable Housing, Senior Analyst

Position Summary

The Senior Analyst, Affordable Housing supports Acquisitions and Asset Management functions within the Affordable Housing platform, with responsibility for complex underwriting, due diligence, portfolio analytics, transaction execution, and ongoing asset performance monitoring across a national portfolio of affordable and workforce housing assets. The role requires deep expertise in LIHTC (4% and 9%), HUD-assisted properties, preservation transactions, resyndications, and other regulated affordable housing programs, along with strong command of affordable housing finance, partnership structures, regulatory frameworks, and institutional reporting requirements.

This position reports directly to the Managing Director, Affordable Housing.

Key Responsibilities

Acquisitions & Underwriting

• Lead underwriting efforts for acquisitions, recapitalizations, dispositions, refinances, and LIHTC resyndications, including preservation and value-add affordable housing transactions
• Develop and maintain sophisticated financial models covering 4% LIHTC/tax-exempt bonds, 9% LIHTC, HUD financing (223(f)/221(d)(4)), Freddie Mac/Fannie Mae affordable executions, and soft financing sources (HOME, CDBG, AHP, state HFA, local agency)
• Analyze T12 financials, rent rolls, operating statements, replacement reserve activity, utility data, and capital needs assessments (PCNAs)
• Perform sensitivity analyses covering interest rates, tax credit pricing, lease-up and stabilization assumptions, refinance/disposition scenarios, exit tax exposure, and Year 15/investor exit strategies
• Build and maintain advanced partnership waterfall and promote models
• Evaluate investment returns including IRR, NPV, DSCR, cash yield, equity multiple, and investor yield metrics
• Prepare investment committee memoranda, executive summaries, lender packages, equity investor materials, and transaction presentation decks
• Assist in evaluating acquisition pipeline opportunities and strategic portfolio growth initiatives

Due Diligence & Transaction Execution

• Independently manage transaction due diligence workflows from initial review through closing
• Coordinate third-party reports including appraisals, Phase I/II ESAs, PCNAs, market studies, and accessibility/compliance reviews
• Review and summarize LURAs, HAP contracts, partnership agreements, loan documents, and bond/tax credit regulatory requirements
• Identify and communicate material operational, financial, legal, and compliance risks associated with prospective investments
• Coordinate directly with lenders, syndicators, equity investors, attorneys, consultants, and internal stakeholders throughout the transaction lifecycle
• Manage investor and lender diligence requests, including preparation and organization of transaction data rooms and closing deliverables
• Review settlement statements, sources and uses, financing documents, equity closing requirements, and post-closing obligations

Asset Management & Portfolio Analytics

• Support execution of asset-level business plans across a portfolio of affordable housing assets
• Monitor property performance against underwriting and approved business plans, including occupancy, collections, delinquency, expense management, capital project execution, and LIHTC/HUD/bond regulatory compliance
• Analyze monthly operating reports, variance reports, reserve activity, and reforecast projections to identify operational risks and opportunities
• Support refinancing initiatives, preservation strategies, resyndications, dispositions, recapitalizations, and Year 15 / investor exit transactions
• Track and forecast rehabilitation scopes, unit renovation schedules, and capital expenditures tied to preservation and repositioning strategies
• Maintain portfolio-level reporting, KPI dashboards, and executive reporting packages for senior leadership and investment partners
• Develop recommendations to improve operational performance and maximize long-term asset value

Investor Relations & Reporting

• Prepare quarterly and annual reporting packages for institutional investors, tax credit equity partners, lenders, and internal leadership
• Respond to investor diligence requests, audit requests, and ad hoc reporting inquiries
• Support investor presentations, portfolio updates, and transaction marketing materials
• Assist with financial and operational reporting tied to tax credit investor requirements and partnership agreements

Market Research & Strategic Analysis

• Conduct market and submarket analyses covering rent comparables, supply pipeline, demographic and economic trends, replacement cost, and AMI/rent limit trends
• Evaluate state QAP priorities, agency financing trends, and affordable housing policy impacts
• Interpret affordable housing regulatory frameworks including LIHTC compliance, tax-exempt bond agreements, HUD program requirements, rent and income restrictions, and extended-use obligations
• Utilize industry platforms including Yardi Matrix, CoStar, Novogradac, RealPage, and BLS data sources

Qualifications & Core Competencies

• Bachelor’s degree in Real Estate, Finance, Economics, Accounting, or related field
• Minimum of 5 years of experience in affordable housing acquisitions, asset management, development, investment banking, or related real estate finance roles
• Minimum of 3 years of direct LIHTC and/or HUD affordable housing experience required
• Advanced proficiency in Excel, including complex financial modeling and partnership waterfall analysis
• Deep understanding of LIHTC program structure/compliance, tax-exempt bond financing, HUD structures (223(f)/221(d)(4)), affordable housing partnership structures and tax credit equity, and Year 15/resyndication strategies
• Experience reviewing and interpreting LURAs, HAP contracts, partnership agreements, loan documents, and regulatory agreements
• Strong analytical, quantitative, and problem-solving capabilities
• Exceptional attention to detail and organizational skills
• Ability to independently manage multiple complex transactions and assignments simultaneously in a fast-paced environment
• Strong written and verbal communication skills, including preparation of investment memoranda and investor-facing materials
• Self-starter with strong judgment, professionalism, accountability, and collaborative mindset
• Ability to mentor and provide guidance to junior analysts or team members, as applicable

Physical Requirements

Ability to remain seated and work at a computer for extended periods.

Real estate investment firm acquiring and managing multifamily housing properties.