LIHTC Modeling & Structuring Manager
Affordable Housing Investment & Finance Platform | Chicago, IL
Company Overview
We are partnering with an established affordable housing investment organization that provides equity capital to support the development and preservation of affordable housing across the United States. The organization serves as an intermediary between affordable housing developers seeking project capital and institutional investors seeking access to Low-Income Housing Tax Credit (LIHTC) investments. Through investment funds, the platform raises institutional capital and deploys that equity into affordable housing projects, allowing investors to receive tax credits and other associated tax benefits.
The Opportunity
The LIHTC Modeling & Structuring Manager will serve as a technical resource responsible for ensuring the accuracy, consistency, and tax and structural integrity of complex LIHTC investment models. This position combines advanced Excel financial modeling with LIHTC tax and transaction structuring expertise , supporting investments from initial bid through closing and throughout the project life cycle. The Manager will work closely with Underwriting, Fund Accounting, Investor Relations, Asset Management, and external counsel to ensure investment models accurately reflect transaction economics, structural terms, and applicable tax requirements.
Key Responsibilities
LIHTC Financial Modeling
- Review and troubleshoot complex Excel models for new LIHTC investment opportunities
- Validate model assumptions, inputs, outputs, and calculations throughout the project life cycle
- Maintain consistency with internal modeling standards and applicable tax requirements
- Troubleshoot, redesign, and enhance financial models as transaction structures evolve
- Help manage and adapt the organization's primary underwriting spreadsheet model
Transaction Structuring
- Review project projections during underwriting, investment approval, and pre-closing processes
- Evaluate real estate, debt, partnership, and tax structures associated with LIHTC investments
- Identify potential structuring issues and recommend solutions
- Evaluate opportunities to enhance investor yield while maintaining appropriate transaction structures
- Coordinate with external legal counsel regarding transaction structuring considerations
Closing & Investment Execution
- Conduct closing audits to confirm that investment projections accurately reflect technical and business terms
- Support closing teams by reviewing model changes and resolving financial or structural discrepancies
- Ensure final investment models accurately incorporate negotiated transaction terms
- Support multi-fund closings and investment approval processes
Stress Testing & Investor Analysis
- Prepare and manage stress analyses in response to investor and credit requests
- Model alternative financial and structural scenarios
- Evaluate the impact of changing assumptions on investor economics and projected returns
- Assist Investor Relations with unique investor modeling requirements
Post-Closing Analysis
- Manage and assist with post-closing model changes
- Partner with Asset Management to evaluate structural or financial changes affecting existing investments
- Analyze the impact of modifications on project economics, investor returns, and tax benefits
- Maintain model integrity throughout the investment life cycle
Cross-Functional Partnership
- Partner with Underwriting on project-level investment analysis
- Support Fund Accounting with complex modeling and transaction questions
- Assist Investor Relations with investor-specific financial analysis
- Work with Asset Management on post-closing investment changes
- Coordinate with external counsel on tax and structural considerations
Ideal Candidate Profile
- Bachelor's degree in Accounting, Finance, Economics, Mathematics, Business, or related field
- Master's degree and/or CPA preferred
- 4+ years of LIHTC experience
- Experience with real estate structuring, debt structuring, and partnership modeling
- Advanced Microsoft Excel skills with the ability to build, manipulate, audit, and troubleshoot complex financial models
- Experience modeling tax-incentivized real estate investments
- Understanding of time value of money and investment return concepts
- Familiarity with tax considerations affecting limited partnerships and entity structures
- Knowledge of Section 42 / Low-Income Housing Tax Credits
- Tax accounting experience strongly preferred
- Strong analytical skills and exceptional attention to detail
- Ability to independently manage multiple complex projects and deadlines
- Strong written and verbal communication skills