Affordable Housing, Analyst

About the Organization

Founded in July 2013, TruAmerica Multifamily is a partnership between industry veteran Robert E. Hart and The Guardian Life Insurance Company of America. The company is based on the premise that tremendous upside potential remains in mid-tier apartment communities that can be unlocked through tailored renovation, repositioning strategies, and focused management. TruAmerica Multifamily is a privately held, fully integrated, real estate investment firm that invests in apartment communities located in primary and secondary markets throughout the country. We continue to grow by selectively acquiring, redeveloping, and effectively managing multifamily properties. TruAmerica has grown to become a Top 25 apartment owner in the United States, according to the National Multifamily Housing Council (NMHC), and is the youngest manager in the NMHC Top 50. Today, TruAmerica has over 65,000 units in nearly 30 high-growth markets and approximately $17 billion of assets under management.

Analyst, Affordable Housing

Position Summary

The Analyst, Affordable Housing supports both Acquisitions and Asset Management functions within the Affordable Housing platform. This role is responsible for underwriting, due diligence, portfolio analytics, and ongoing asset performance monitoring across a national portfolio of affordable and workforce housing assets.

The Analyst will play a critical role in evaluating new investments and managing existing assets, with a focus on LIHTC (4% and 9%) transactions, HUD-assisted properties, and other regulated affordable housing programs.

Key Responsibilities

Acquisitions & Underwriting

• Develop and maintain detailed financial models for acquisitions, dispositions, and recapitalizations, including LIHTC resyndications and preservation deals
• Analyze T12s, rent rolls, operating statements, and capital needs assessments (PCNAs)
• Underwrite complex capital stacks including:
• Tax-exempt bonds (4% LIHTC)
• 9% LIHTC equity
• HUD financing (e.g., 223(f), 221(d)(4))
• Soft debt (HOME, CDBG, AHP, state/local sources)
• Evaluate key return metrics including IRR, NPV, cash yield, DSCR, and equity multiple, incorporating tax credit pricing and investor yield requirements
• Perform sensitivity and scenario analyses, including lease-up, refinance, and exit assumptions
• Support preparation of investment committee memoranda, credit memos, and investor presentations

Due Diligence & Transaction Execution

• Coordinate and track third-party reports including:
• Appraisals
• Environmental (Phase I/II ESA)
• Capital Needs Assessments (PCNA)
• Market studies (including LIHTC-specific demand analyses)
• Review regulatory agreements, LURA/extended use agreements, HAP contracts, and partnership agreements
• Assist with closing processes, including review of settlement statements, sources & uses, and financing documents
• Interface with lenders, equity investors, syndicators, and legal teams throughout the transaction lifecycle

Asset Management & Portfolio Analytics

• Support execution of asset-level business plans across a portfolio of affordable housing assets
• Monitor property performance relative to underwriting, including:
• Occupancy, collections, and expense trends
• Compliance with LIHTC, HUD, and other regulatory requirements
• Analyze variance to budget and identify operational risks and opportunities
• Track and forecast capital expenditures, including rehab scopes tied to resyndication or repositioning strategies
• Maintain portfolio-level reporting and dashboards for senior leadership

Financial Reporting & Investor Relations

• Assist with investor communications, including responses to diligence requests and performance inquiries
• Support refinancing, disposition, and Year 15 / investor exit analyses

Market Research & Strategic Analysis

• Conduct market and submarket analysis including:
• Rent comparables (market restricted units)
• Supply pipeline (market-rate and affordable)
• Demographic and economic trends
• Evaluate policy and regulatory impacts (e.g., AMI changes, rent limits, state QAP priorities)
• Utilize industry data sources such as Yardi Matrix, CoStar, Novogradac, and BLS

Qualifications & Core Competencies

• Bachelor’s degree in Real Estate, Finance, Economics, or related field
• 1–4 years of experience in real estate, preferably with exposure to affordable housing, LIHTC, or HUD programs
• Strong proficiency in Excel (advanced modeling), Word, and PowerPoint
• Familiarity with:
• LIHTC program structure (credits, compliance period, extended use)
• Affordable housing finance and layered capital stacks
• Partnership waterfalls and tax credit equity structures
• Strong analytical, quantitative, and problem-solving skills
• High attention to detail with ability to manage multiple transactions and assets simultaneously
• Understanding of regulated affordable housing operations and compliance frameworks
• Organizational discipline and execution under tight timelines
• Collaborative mindset with strong interpersonal communication skills

Physical Demands

• Ability to sit or stand for extended periods and move freely around the office or property sites.
• Capability to conduct property site visits and inspections, including traveling locally.
• Ability to communicate effectively both verbally and in writing.

Compensation Range

The base salary range is up to $125k base. Position is eligible for a discretionary bonus.

Equal Opportunity Employer

• TruAmerica Multifamily is an equal opportunity employer that is committed to diversity and inclusion in the workplace. We prohibit discrimination and harassment of any kind based on race, color, sex, religion, sexual orientation, national origin, disability, genetic information, pregnancy, or any other protected characteristic as outlined by federal, state, or local laws.
• This policy applies to all employment practices within our organization, including hiring, recruiting, promotion, termination, layoff, recall, leave of absence, compensation, benefits, training, and internships. TruAmerica Multifamily makes hiring decisions based solely on qualifications, merit, and business needs at the time.