Affordable Housing: Lending vs Syndication

Which has the maximum comp potential and exit ops into Acquisitions / REPE? I would assume LIHTC syndication being on the equity side makes it easier to jump over. But lending also gets more volume and market rate deals so you're less likely to be pigeonholed into affordable?

2 Comments
 

You hit the nail on the head-- If you work for a LIHTC syndicator you will be a pro on the tax credit side, but will have less exposure to the actual deal making that would be desirable from a REPE's perspective. If you are dead set on LIHTC, working for a syndicator is not a bad path, but you will have a hard time going from LIHTC syndicating --> market rate multi acquisitions, versus working at an agency financing shop lending on affordable deals.

 

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