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Very active in the affordable space in the NE. Trump's talk about changing the tax code has been rough for that industry so far. Reputable firm, I'm sure they pay well.
what does Asset Management generally entail for affordable housing assets? any extra or special compared to regular assets?
I used to work in Asset Management for a large affordable housing syndicator based in the northeast. Compared to market rate, the job is more focused on monitoring your portfolio and dealing with troubled assets than pushing value. It's not uncommon for these assets to run at a 1.0 - 1.15 DCR and that's perfectly fine. Affordable assets should have a quicker time leasing up and an easier time maintaining occupancy above 90%. Another big difference between affordable and market rate is the compliance piece. Affordable AM is heavy on understanding and monitoring the various LIHTC compliance issues throughout the 15ish year deal lifecycle. The bottom line is that as long as the asset is covering its debt service and stays in compliance, it continues to generate the tax credits and the investors stay happy.
so im looking a position which is half AM and half PM. Would working for an affordable investor and developer pigeon hold me? would working for Jonathan Rose be a good place to work even though im not interested in affordable housing?
Staying too long could pidgeon hole you, but a couple years of experience there could be a good way to gain exposure to multifamily AM. You could leverage that to branch out of affordable.
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