LIHTC Underwriting & Asset Management Intern

Position Summary: Advantage Capital is seeking a detail-oriented, analytically strong intern to support its affordable housing business. The intern will work with the team responsible for evaluating LIHTC investments and monitoring a portfolio of affordable housing properties through construction, lease-up, stabilization, and ongoing operations. This position offers hands-on experience in affordable housing finance, real estate underwriting, financial analysis, portfolio monitoring, and LIHTC compliance.

Core Responsibilities: Assist with underwriting and review of affordable housing transactions, including development budgets, sources and uses, operating pro formas, rent rolls, market studies, and third-party reports. Support review of financial statements, operating results, construction draws, quarterly reports, and annual property budgets. Compare actual property performance with underwriting assumptions, approved budgets, and prior-period results; identify meaningful trends and variances. Assist in monitoring occupancy, rental income, operating expenses, debt-service coverage, reserve balances, liquidity, and other key performance indicators. Support asset managers in preparing construction, lease-up, and stabilized-portfolio reports for internal stakeholders. Research LIHTC, Section 8, HOME, state housing-credit, and other affordable-housing program requirements as needed. Participate in internal meetings and, as appropriate, calls with developers, property managers, lenders, attorneys, and other transaction partners.

Qualifications: Current undergraduate or graduate student pursuing a degree in finance, accounting, real estate, or a related field. Strong interest in affordable housing, real estate finance, asset management, or community development. Strong Excel skills and comfort working with formulas, financial data, and large spreadsheets. Strong analytical, organizational, and problem-solving abilities, with exceptional attention to detail. Clear, professional written and verbal communication skills and the ability to manage multiple assignments and deadlines. Proficiency in Microsoft Excel, Word, and Power Point. Prior coursework or experience in accounting, finance, real estate, or data analysis is preferred. Familiarity with LIHTC, multifamily operations, affordable housing, or financial modeling is helpful but not required. What The Intern Will Learn How LIHTC transactions are underwritten and monitored from closing through stabilization. How to evaluate operating performance and recognize early financial or operational risks. How LIHTC, rental assistance, debt, reserves, and operating expenses affect affordable-housing performance. How asset managers work with developers, property managers, lenders, and investors to protect investments and support long-term property viability. How to prepare clear, decision-useful portfolio reporting.