Affordable Housing Acquisition Associate
2 months ago
New York
Job Description Real estate investment firm is seeking an Affordable Housing Acquisition Associate to join their team. Key Responsibilities: • Support Affordable Communities’ NYC affordable housing preservation platform, including acquisitions, recapitalizations, refinancings, and restructuring transactions involving regulated multifamily housing. • Underwrite and evaluate opportunities utilizing NYC and NYS affordable housing programs across HPD, HDC, and HCR, with a focus on understanding how regulatory agreements and subsidy layering impact cash flow, compliance requirements, and transaction feasibility. • Build and maintain detailed financial models throughout the investment lifecycle, including scenario and sensitivity analysis tied to: • regulated rent frameworks and legal rent limitations, • PBV contract terms, renewals, and payment mechanics, • tax abatement structures (Article XI, 420-c) and long-term affordability constraints, • agency loan covenants, reserves, and operating restrictions, • Analyze and interpret affordable housing rent structures and documentation, including rent schedules, rent rolls, regulatory agreements, and subsidy contracts, ensuring underwriting aligns with program requirements. • Evaluate and incorporate Private Housing Finance Law Section 610 considerations into transaction analysis, including implications for voucher administration, rent compliance, and operational requirements. • Review and assess PBV contract structures and how subsidy mechanics affect revenue, tenant rent contributions, and transaction risk. • Underwrite and assess subordinate / soft loan structures from NYC agencies and public sources, including covenant constraints, repayment terms, and long-term refinancing implications. • Conduct comprehensive due diligence, including review of T-12s, rent rolls, DHCR histories (as applicable), subsidy documentation, audits, loan agreements, and other transaction materials. • Support transaction execution by coordinating with lenders, attorneys, consultants, agencies, and internal stakeholders to drive approvals, submissions, and closing deliverables. • Prepare investment memoranda, executive summaries, and presentations for internal decisionmakers and external partners. Qualifications: • Bachelor’s Degree required (Real Estate, Public Policy, Urban Planning, Economics, or related field preferred). • 3–5 years of relevant experience in affordable housing finance, preservation, acquisitions, development, or asset management, with direct exposure to NYC regulated multifamily housing. • Strong working knowledge of NYC affordable housing programs and subsidy structures across HPD, HDC, and HCR, including the role of regulatory agreements in governing affordability and operating requirements. • Demonstrated understanding of NYC tax abatements, including Article XI and 420-c, and how abatements impact operating economics, underwriting assumptions, and long-term strategy. • Strong familiarity with legal rent concepts and regulated rent frameworks in NYC affordable housing environments. • Working knowledge of Private Housing Finance Law Section 610 and its practical compliance implications. • Experience with or strong understanding of PBV contracts and voucher rent/payment mechanics. • Experience evaluating subordinate loans / soft debt from public agencies, including impacts on sources & uses, covenants, and refinancing constraints. • Advanced proficiency in Microsoft Excel required (detailed modeling, sources & uses, sensitivity analysis). • Strong written and verbal communication skills, including the ability to synthesize complex regulatory and subsidy structures into clear, decision-ready materials. • Exceptional organization and attention to detail, with the ability to manage multiple priorities and transaction deadlines simultaneously.