LIHTC Asset Management
Been working in development for years, specifically affordable housing, but thinking about switching to asset management in the LIHTC space. Looking for a more stable role since I have a kid now and more predictable schedule. For people working in affordable development ya’ll know how crazy it’s been the last 3 years.
Hoping to hear what the day to day for an asset manager in LIHTC space is like. How often do you travel to sites? Is there a decent more predictable upside to pay?
Any insight would be appreciated.
Based on the most helpful WSO content, the role of an Asset Manager in the LIHTC space can be quite involved. You might find yourself dealing with a variety of tasks, from managing the future/current tenants to reworking the models depending on what the new timeline and cost/revenue schedule looks like. You may also have to negotiate with construction managers and architects over costs, and explain to the Investment Committee why more funds are needed.
As for the day-to-day lifestyle, it's been noted that Asset Managers can sometimes spend more time in the office than Acquisition teams, especially when they get stuck in the weeds on deals. This is because once the Acquisition team's IC pitch gets approved, they can rest easy, while the Asset Manager has to deal with any issues that arise down the line.
In terms of travel, it can vary depending on the specific role and company, but site visits are a common part of the job.
Regarding compensation, it's hard to say without specific numbers, but one user mentioned a base salary of $100,000 for a role with years of previous experience. The bonus range wasn't specified, but it's reasonable to assume there could be some form of performance-based incentive.
Remember, every company is different, so these are just general observations. It's always a good idea to ask specific questions about the role, expectations, and compensation during your interviews. Good luck with your career transition!
Sources: How much does RE Asset Management pay a year?, How do LIHTC developers make money?, Asset Management Exciting/Boring? Day-to-day?
I’m in acquisitions not AM so take with a grain of salt, but travel seems to be pretty heavy. Seem to visit each site once a quarter.
Can you pm me?
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