LIHTC Syndication vs REPE
Whats the scoop on LIHTC syndication? How is working at a firm that focuses on that different than working for a LP REPE? Could working in acquisitions for a LIHTC syndicator lead into future REPE/Development positions?
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Are you talking about working for the developer or the bank/entity that syndicates the tax credits for the developer? The latter is a very unique finance transaction, not really that real estate related. The former, is well real estate development. It would help if you clarify the organization and role you are asking about. Developers also sometimes call themselves syndicators by raise of equity (but when I hear LIHTC and syndicator, I think of the tax credit syndicator, I think that is what you mean).
Thanks for the reply! I am referring to companies that run funds that provide capital to developers of low income housing (Examples being Boston Capital/R4/Hunt Capital). Not so much banks in this specific case.
Okay, yeah that is what I assumed. I would call that a very specialized form of real estate investment banking (many banks/I-banks have desks that do this, tend to be small teams relative the size of the organization).
As you to your question about transitioning to REPE on the LP side, it would guess its possible. Especially if you find one that wants to invest in affordable or other govt subsidized MF.
Curious... so they have acquisition and asset management teams, but they are more considered a form of RE Investment Banking? How is what they do different than what an LP REPE would do (aside from focusing on LIHTC investments)?
Thank you for your help! I know these may be basic questions.
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