LIHTC Developer Comp

Hi all - 

I'm looking for advice from people who have experience building a real estate development platform within an existing ownership group.

I'm being asked to establish, build, and run the LIHTC development business for an ownership group. This would involve more than simply managing individual projects. I'd be responsible for building the platform, establishing the development pipeline, sourcing and executing deals, managing the development process, and ultimately growing the business.

I have an existing relationship with this group doing market rating housing, but we (myself and ownership) have little LIHTC experience.  They have capital available for LIHTC and trust me enough to figure out how to make this successful. 

My background is primarily in conventional multifamily development. 

Im trying to determine how best to structure the compensation arrangement with ownership.

I'm trying to think through the right balance between:

• Base salary: Appropriate compensation for the time and responsibility involved in building and running the platform.
• Annual bonus: Performance-based compensation tied to acquisitions, project milestones, fee generation, or other measurable objectives.
• Development fees: Whether any portion of the fees generated by the platform should flow through to me personally, and how that typically works when the company is owned by someone else.
• Equity or promote participation: Whether it makes sense to negotiate a share of the economics at the individual project level, the platform level, or both.
• Long-term incentives: How to ensure that if I successfully build a meaningful development business over several years, my compensation reflects the value created rather than being limited to a salary and annual bonus.

I'm particularly interested in how others have structured these arrangements when the executive is responsible for creating a new business line but isn't creating the equity. 

My comp at my current firm is $400k + some upside in deals we do but not much.  Ownership group wants to structure this so my incentive is backend and cap my base probably around $200-250k at most.  

Curious to get your all thoughts here.