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Worked as AM analyst for LIHTC/S8 owner - pretty much everything else is the same only big difference is dealing with the compliance side of things which is incredibly boring and can cause major issues at the site level. Property management is also much tougher as not a lot of 3PPMs specialize in affordable and it can be a challenge to staff affordable sites (tenants are hard to deal with, crime etc.) Literally had a dude come into the leasing office during a site tour and threaten to shoot it up if something in his unit wasn't fixed. IMO the only reason to be in the affordable world is if you're a developer or getting an equity stake in acq rehab acquisition deals. Juice isn't worth the squeeze on the AM side of things though.
I’ve heard AM for affordable is crazy boring and not a lot of ways to add value.
What were your tasks in the role? How did you lower expenses?
That's the thing, there's really not much you can do. At my firm most of the LIHTC properties had just undergone a substantial renovation post syndication so there were really not many major capex projects to handle. On the other hand a lot of the S8 properties had some major capex stuff but that was a smaller % of the portfolio and we had an in-house construction/faciliteis mgmt team that handled most of the work after we ok'd it from a cash flow standpoint. A big portion of the job was making sure revenues weren't fucked up via compliance/tenant recertification issues and making sure units were getting turned/leased timely. Obviously did montly quarterly analysis of financials. Lots of filling out monthly/quarterly forms for lenders. Lots of headaches and time spent dealing with BS related to the 3PPM not doing their job correctly, staffing issues etc. Also due to the long-term hold business model we weren't ever doing hold/sell analyses or dispositions or other analytical work you'd get exposure to at a market rate shop or fund/REIT.
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