Affordable Housing Debt and Structured Finance

Got an offer to work as an underwriting analyst in the affordable housing debt and structured finance group at a major brokerage and investment services firm after graduation from undergrad. I'd be underwriting agency loans and LIHTC deals. I also have an offer with a bank that has a midsize regional presence in the Northeast US (although extremely large international retail bank...think signature or citizens in terms of US assets, think Societe Generale or Barclays in global assets) to be a commercial banking analyst for their CRE group after going through the bank's credit training program. I'd be doing mostly class B and C multifamily term loans. Both groups are about the same size, but since the market for affordable debt is smaller, I assume the affordable group's market share and impact is much greater.


Comp is pretty much equal though for the bank I'd be living in NYC which is not the case for the affordable housing role. Ive done some case study competitions revolving around affordable housing so I know what I would be getting into from a technical standpoint. But career wise, can anybody tell me what the differences would be between a career in agency underwriting and commercial banking?

 
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