Analyst - Affordable housing

CRP Affordable Housing and Community Development; New York (NY); On-site; USD 75,000 - 120,000; Full time

Job summary

CRP Affordable Housing and Community Development in Midtown Manhattan seeks an Analyst/Associate to support its affordable housing development team. The role emphasizes financial underwriting, project financing, and closing management across LIHTC transactions.

You will maintain and analyze project financial models, evaluate financing structures, manage lender and investor diligence, and coordinate closing processes to drive predevelopment through construction start with senior team support.

Qualifications

• Bachelor’s degree in Finance, Accounting, Real Estate, Business, Economics, or a related field.
• 0–2+ years of relevant professional experience; Associate level may be considered.
• Strong understanding of LIHTC program and affordable housing financing structures.
• Advanced proficiency in Excel and MS Office applications.

Responsibilities

• Build, maintain, and analyze detailed financial models for LIHTC developments and related budgets, sources/uses, and returns.
• Underwrite new development and acquisition opportunities and evaluate feasibility and financing structures.
• Lead/coordinate closings, lender diligence, closing checklists, and third‑party reports.
• Structure complex affordable housing capital stacks using LIHTC equity, tax-exempt bonds, debt, and grants.
• Track milestones, diligence items, and closing conditions to ensure timely project completion.

Skills

Financial modeling

LIHTC underwriting

Real estate finance

Underwriting experience

Team collaboration

Education

Bachelor’s degree in Finance, Real Estate, or related field

Tools

Excel

Word

Adobe PDF

Job description

CRP is seeking an Analyst / Associate to join its affordable housing development team. The Analyst / Associate will work closely with senior members of the team across all stages of the affordable housing development process, from initial underwriting and acquisition through financing, construction closing, development, and stabilization.

The position will have broad exposure to the development process, but will place a particular emphasis on financial underwriting, project financing, transaction execution, and closing management. The Analyst / Associate will be heavily relied upon to maintain and analyze project financial models, evaluate financing structures, manage lender and investor diligence, coordinate closing processes, and help drive projects from predevelopment through construction start.

The ideal candidate will have a strong background in real estate underwriting and finance, together with a working understanding of the Low-Income Housing Tax Credit (“LIHTC”) program and affordable housing capital structures. The successful candidate should be comfortable both analyzing complex financial issues and managing the detailed execution required to move a transaction through closing.

RESPONSIBILITIES

The Analyst / Associate will support and, as experience permits, lead key aspects of the development and financing process, including:

• Build, maintain, and analyze detailed financial models for LIHTC developments, including development budgets, sources and uses, operating projections, tax credit equity, construction and permanent debt, developer fees, and project returns.
• Underwrite new development and acquisition opportunities and evaluate project feasibility, financing structures, funding gaps, and key financial risks.
• Analyze the impact of changes in tax credit pricing, eligible basis, interest rates, construction costs, operating assumptions, financing terms, and other project variables.
• Assist in structuring complex affordable housing capital stacks utilizing federal and state LIHTC equity, tax-exempt bonds, conventional debt, subordinate financing, grants, and other federal, state, and local funding sources.
• Lead or support financing and construction closings, including management of closing checklists, lender and investor diligence, third-party reports, entity documents, financing conditions, and other transaction deliverables.
• Serve as a key point of coordination among lenders, tax credit investors, attorneys, consultants, architects, contractors, public agencies, nonprofit partners, and other transaction participants.
• Track and drive completion of financing and development milestones, including applications, commitments, approvals, diligence items, closing conditions, and construction readiness requirements.
• Review lender and investor term sheets, commitment letters, financial models, and underwriting assumptions and ensure agreed terms are accurately reflected in project models and closing documents.
• Prepare and coordinate applications for LIHTC allocations, tax-exempt bonds, affordable housing loans, grants, and other subsidy programs.
• Review and synthesize Qualified Allocation Plans, NOFAs, program guidelines, financing requirements, and other affordable housing regulations relevant to project underwriting and execution.
• Assist with project development activities beyond financing, including consultant coordination, entitlement and permitting processes, design and construction matters, public agency requirements, and other predevelopment activities.
• Identify and help resolve financial, diligence, and execution issues that could impact a project's financing, closing, or development schedule.
• Continually identify opportunities to improve underwriting processes, financial models, diligence tracking, closing procedures, and internal systems.
• Assist with other development and transaction-related initiatives as needed.

QUALIFICATIONS

• Bachelor’s degree in Finance, Accounting, Real Estate, Business, Economics, or a related field.
• Approximately 0-2+ years of relevant professional experience; candidates with additional experience may be considered at the Associate level.
• Prior experience in affordable housing development, LIHTC underwriting, tax credit syndication, affordable housing lending, real estate investment, or a related field.
• Strong understanding of the LIHTC program and the financial structure of affordable housing transactions.
• Strong financial modeling and analytical skills, with the ability to understand and maintain complex real estate development models.
• Working knowledge of development budgets, sources and uses, eligible basis, tax credit equity, operating pro formas, debt sizing, developer fees, and multi-source affordable housing capital stacks.
• Experience managing transaction diligence or real estate closings is strongly preferred.
• Ability to manage complex processes involving multiple internal and external stakeholders and drive outstanding items to completion.
• Advanced proficiency in Microsoft Excel and strong proficiency in Microsoft Word and Adobe PDF.
• Strong written and verbal communication skills.
• Exceptional organizational skills and attention to detail.
• Ability to manage multiple time-sensitive projects and competing deadlines with limited supervision.
• Strong judgment, professionalism, intellectual curiosity, and a willingness to take ownership of both financial analysis and transaction execution.

WORK MODE

Full-time, in-office position in Midtown Manhattan.