Career path in Affordable Housing? (public sector, portfolio analyst position)
What's the career path in Affordable Housing?
I just received a job offer from a company (public sector) for the portfolio analyst position. The position monitors and analyzes the risk exposure for the projects and loans in their Asset Management portfolio. I have mixed opinions on this. Someone in the real estate industry shared his opinion that this position may provides a job security with short hours (9-5). However, it is a very focused industry that does not provide good exit opportunities (acquisitions, development, backing, or other analytical job in finance). Also, my long-term compensation will not grow meaningfully staying in the public sector.
I would appreciate to get perspective on the full-time position. Thank you
Responsibilities:
Actively Monitor and evaluate assigned portfolio of projects
Establish and maintain relationships with project owners, managing agents and various government agencies
Input financial statements and analyze data
Review physical inspections and work with the company's engineers on noted issues
Follow up and remedy financial issues such as mortgage delinquencies
Assess troubled properties to provide technical assistance and work with more senior staff to devise workout strategies
Review legal documents and agreements to identify project-specific regulatory obligations
Perform field audits and site inspections to develop personal experience with assigned projects
Work with more senior staff to establish criteria and reports to assess the performance of the portfolio
p.s. As an alternative to this position, I also got an offer for the investment banking internship position with a large finance company (35 IBD people in US office) - I graduated from a CUNY Baruch with 3.3 GPA. I had two private equity internships, including real-estate acquisitions.
It’s actually a pretty phenomenal position entry-level. I would say if this was in, say, Charlottesville, VA or Houston, TX I wouldn’t think it’s that great of a position, but I’m guessing based on your alma mater that your job will be in or around NYC. Affordable housing is absolutely gargantuan in NYC. If you ever wanted to do major real estate development in NYC this is one of the absolute best ways to break in—getting paid training from a government agency that regulates and oversees the local industry. In all of real estate affordable housing is one of the most complicated niches because of the huge regulatory burden, and NYC has easily the most complicated housing rules in the country.
If you put your head down and work hard and ask a lot of questions, learn the industry really well, network some and learn who the NYC private development players are you could have a nice leg up on getting jobs at the private developers who want to earn tax credits and win development deals and make money. Understanding this field in NYC is absolutely critical for real estate developers who do anything in residential. I could imagine them licking their chops to hire a guy out of the bureaucracy, particularly with the new Mayor coming in who is no doubt going to step up efforts to make “affordable housing” a bigger consideration with private development.
I agree with dc-d 101%. Affordable housing in NYC is the future (3k average rent = $120k required as the min income for average tenant preludes swaths of nyc'ers from being able to live there). The new mayor is expanding inclusionary zoning and reducing parking requirements for new developments. Don't blink, take the opportunity and work your butt off, keep connected with the development companies and their owners doing those AH deals, and you will have some great public-to-private options and contacts in 3-5 years. Look at some of the major national and international developers (think related) - the lion's share of them have their roots and then some in affordable housing.
http://www.billdeblasio.com/issues/affordable-housing
http://billmoyers.com/2013/11/06/will-de-blasio-mean-a-more-affordable-…
Affordable in NYC is money, especially with De Blasio in office. You practically have to know affordable housing if you want to work in RE development in this city, your skillset will be valuable. If you like RE, take it.
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