LIHTC Year 15 Specialist

Overview

This role involves leading and managing investment dispositions, partnership restructurings, and investor exit strategies for Low-Income Housing Tax Credit (LIHTC) properties reaching the end of their initial compliance period (Year 15). The position serves as a subject matter expert on Year 15 transactions and partners with investors, developers, legal counsel, syndicators, asset managers, and ownership entities to evaluate and execute complex ownership transitions while preserving affordable housing assets.

Responsibilities

• Manage Year 15 and investor exit transactions across a portfolio of LIHTC investments.
• Analyze partnership agreements, operating agreements, and related legal documents to determine ownership rights, purchase options, transfer provisions, and exit strategies.
• Review and interpret lower-tier, middle-tier, and upper-tier partnership structures and ownership entities.
• Build and maintain financial models to evaluate investor exit scenarios, partnership restructurings, asset dispositions, and portfolio strategies.
• Conduct valuation analyses, including waterfall distributions, net present value (NPV) calculations, and sensitivity analyses to support transaction recommendations.
• Review partnership tax returns, K-1s, capital accounts, and benefits schedules to assess financial impacts and potential investor tax liabilities.
• Lead negotiations with developers, investors, syndicators, attorneys, and other stakeholders to facilitate Year 15 transactions and ownership transfers.
• Evaluate purchase options, right of first refusal (ROFR) provisions, qualified contract considerations, and other exit mechanisms available under partnership agreements.
• Partner with legal counsel to document and execute ownership restructurings, transfers, and investor exits.
• Identify transaction risks and develop strategies to protect investor interests while supporting long-term affordable housing preservation.
• Coordinate due diligence efforts, including financial, legal, and operational reviews.
• Prepare investment committee memorandums, transaction summaries, and recommendations for senior leadership.
• Maintain knowledge of LIHTC regulations, market trends, and industry best practices related to Year 15 transactions and affordable housing preservation.
• Collaborate with Asset Management, Acquisitions, Legal, and Finance teams to optimize transaction execution and portfolio performance.

Requirements

• Bachelor’s degree in Finance, Accounting, Real Estate, Business Administration, Economics, or a related field.
• 3+ years of experience in LIHTC asset management, affordable housing finance, real estate transactions, syndication, or related disciplines.
• Working knowledge of the LIHTC program, Section 42 compliance requirements, and affordable housing ownership structures.
• Experience reviewing and interpreting partnership agreements, operating agreements, and legal transaction documents.
• Strong financial modeling skills, including cash flow analysis, waterfall modeling, valuation methodologies, and NPV calculations.
• Ability to understand and analyze complex legal entity structures and partnership arrangements.
• Exceptional analytical and problem-solving capabilities.
• Strong negotiation and stakeholder management skills.
• Advanced Microsoft Excel skills.
• Excellent written and verbal communication abilities.

Preferred Qualifications

• 5+ years of LIHTC asset management, syndication, affordable housing finance, or transaction experience.
• Experience leading Year 15 investor exits, partnership restructurings, or ownership transfers.
• Familiarity with investor tax liability analysis, capital account management, and partnership taxation.
• Experience working with institutional investors, syndicators, developers, and external legal counsel.
• Knowledge of affordable housing preservation strategies and emerging Year 15 market trends.

Key Competencies

• Financial Modeling & Valuation
• LIHTC Program Knowledge
• Partnership Agreement Analysis
• Legal Document Interpretation
• Transaction Structuring
• Negotiation & Influence
• Critical Thinking
• Risk Assessment
• Stakeholder Management
• Project Management
• Written Communication
• Strategic Decision Making

Ideal Backgrounds

• LIHTC Asset Management
• Affordable Housing Investment Management
• LIHTC Syndication
• Affordable Housing Acquisitions
• Affordable Housing Finance
• Real Estate Private Equity
• Tax Credit Consulting
• Community Development Financial Institutions (CDFIs)
• Housing Finance Agencies
• Affordable Housing Legal or Transaction Advisory Firms