Job Posting

Go Back

Job Title : Community Development Finance - Affordable Housing Investing (Low Income Housing Tax Credit)(Morgan Stanley)
Date Posted : August 7, 2021
Type :

Description :

POSTING DATE: Jul 27, 2021

PRIMARY LOCATION:  Americas-United States of America

JOB:  Wealth Management

JOB LEVEL:  Vice President


Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries. As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Community Development Finance (CDF) is part of Morgan Stanley Bank, NA. The team seeks to execute transactions designed to meet the US Banks’ Community Reinvestment Act (CRA) obligations by lending and investing the Firm’s capital in projects that benefit low- and moderate-income households and small businesses across an array of different product offerings.

This position will be responsible for reviewing and analyzing investments into Low Income Housing Tax Credit funds; previewing investment terms for adherence to Bank standards, reviewing due diligence, negotiating terms and compiling Investment memo for presentation to risk team.  The Candidate will work directly with internal staff and external partners including outside syndicators, legal counsel, other financial institutions, and project or fund sponsors.  The position is heavily weighted towards financial analysis, deal structuring and resolving legal and technical issues and requires knowledge and direct experience with Low-Income Housing Tax Credit financing, and an understanding of multifamily real estate and the interaction of public and private sources of capital.


  • Work with senior managers, partner lenders and syndicators to underwrite and perform due diligence on affordable housing transactions, including construction loans and equity investments in low income housing tax credit projects and funds. Understand and employ all investment policies and procedures of the Bank and the department- Financial analysis of project proposals including return on equity, internal rate of return, cash flow, leverage, tax advantaged investing, rental budget analysis, as well as the risks and mitigants of multifamily real estate transactions.
  • Review and analyze local rental market studies, income and expense trends, real estate appraisals, title reports and environmental reports.  
  • Perform sponsor analysis including analysis of sponsor and guarantor financial statements.
  • Accompany senior staff on site visits, client visits, as needed, and be involved in borrower discussions and negotiations.   
  • Prepare credit memos for review by credit risk management.


  • Bachelor’s Degree in Real Estate, Business, Finance, Economics or other business related field (required).
  • MBA or Master’s degree in related field is preferred.
  • 7+ years in the LIHTC investing, real estate lending, and financial analysis at a bank, CDFI, equity fund or similar institution.
  • Proficient in Word, Excel, Access, PowerPoint and other similar programs.


PHP FormMail Generator - A free tool to create ready-to-use web email forms with file upload, auto-response email, and dependent dropdowns.
Join Our   Mailing List