Associate Director - LIHTC Acquisitions & Originations

Department:

Affordable Housing | Equity - Originations

We are Walker & Dunlop.  We are one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where people live, work, shop, and play — to life. We are committed to creating meaningful social, environmental, and economic change in our communities.

W&D Affordable Equity (formerly Alliant Capital) is a leading tax credit firm focused on tax credit syndication for the development and financing of affordable multifamily rental housing. As a syndicator of Low-Income Housing Tax Credits (LIHTC), W&D Affordable Equity raises corporate equity and monitors the development, construction, lease-up, and permanent financing phases of its investments. With a dedicated team of experienced real estate, asset management, legal, and tax professionals, we provide the highest level of fully integrated real estate and investment support services.  

The Impact You Will Have  

The Associate Director will support senior LIHTC equity originators through financial analysis, underwriting, investment presentations, and transaction execution. This role will focus on evaluating prospective Section 42 LIHTC equity investments, analyzing financial and transaction risks, and preparing investment materials to support informed investment decisions.

Working closely with experienced members of the W&D Affordable Equity Originations team, the Associate Director will coordinate due diligence, review financial information, prepare investment summaries and proposals, and help advance transactions through the origination pipeline.

This position offers an opportunity for an experienced LIHTC underwriting professional to apply their technical expertise in an originations-focused environment while developing broader transaction and client relationship experience over time.

Primary Responsibilities 

• Contact external parties to request documentation and conduct initial due diligence review of prospective Section 42 LIHTC investments.
• Analyze LIHTC equity investment structures, evaluate sponsor financial statements and portfolios, assess transaction risks, and prepare investor-oriented underwriting materials.
• Review LIHTC pro formas and evaluate key financial assumptions.
• Prepare Executive Summaries outlining investment merits, risks, and structural considerations.
• Identify underwriting exceptions and recommend mitigants.
• Draft Letters of Intent and assist in preparing responses to Requests for Proposals.
• Support the Affordable Equity Originations team nationwide in sourcing and advancing new business opportunities.
• Maintain and update the business development pipeline database, including timelines and status reporting.
• Partner with Originations team members to structure and negotiate transactions in compliance with investment guidelines and investor yield requirements.
• Assist Investor Relations in collecting documentation and information for proprietary and multi-investor fund offerings.
• Compile materials for internal and external meetings with clients and investors.
• Serve as a cross-functional resource to Investor Relations, Acquisitions, Investment Management, and Asset Management teams during underwriting, closing, and operations.
• Other duties as assigned.
• Attendance is generally required from 8:30 am – 5:30 pm local time, Tuesday through Thursday, with the option to work remotely on Mondays and Fridays.

Education and Experience 

• Bachelor’s degree in Business, Real Estate, Finance, Accounting, or related field; equivalent experience considered.
• 3+ years of hands-on Section 42 LIHTC equity underwriting experience, including financial modeling, transaction analysis, and evaluation of investment risks
• Experience with a LIHTC equity syndicator, particularly in underwriting, acquisitions, or transaction closing strongly preferred.  

Knowledge, Skills and Abilities 

• Strong financial analysis skills, including the ability to evaluate sponsor financial statements (income statements, balance sheets, and cash flow statements).
• Excellent written and verbal communication skills, with the ability to present effectively to all levels of management and external stakeholders.
• Exceptional analytical, reasoning, and problem-solving abilities.·        Strong organizational skills with the ability to manage multiple priorities in a time-sensitive environment.
• Demonstrated leadership capability, executive presence, and sound business judgment.
• Ability to take ownership of work, navigate challenges, and adapt to evolving processes.
• Ability to build and maintain strong internal and external relationships.
• High level of discretion when handling confidential and sensitive information.
• Ability to show ownership of your work, take on challenges and acknowledge growth opportunities, and demonstrate patience when learning new processes.
• Courtesy, respect, and thoughtfulness in teaming with colleagues and other stakeholders

This position has an estimated base salary of $90,000 - $110,000 plus commissions. An employment offer is based on the applicant’s relevant work experience, applicable knowledge, skills, abilities, internal equity, and alignment with market data

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What We Offer  

• The opportunity to join one of Fortune Magazine’s Great Places to Work winners

• Comprehensive benefit options* that have earned Walker & Dunlop the gold level of the 2025 Cigna Healthy Workforce Designation™, some of which include:
    - Up to 83% subsidized medical payroll deductions
    - Competitive dental and vision benefits
    - 401(k) + match
    - Pre-tax transit and commuting benefits
    - A robust health and wellness program – earn cash rewards and gain access to resources that
      promote health, engagement, and balance
    - Paid maternity and parental leave, as well as other family paid leave programs
    - Company-paid life, short and long-term disability insurance
    - Health Savings Account and Healthcare and Dependent Care Flexible Spending 

• Career development opportunities 

• Empowerment and encouragement to give back – volunteer hours and donation matching 

 
*Eligibility may vary based on average number of hours worked 

Equal Employment Opportunity Statement

We are committed to equity in all steps of the recruitment and employment experience. We believe in equal access to opportunities in our workplace. We do not tolerate discrimination, including harassment, based on any characteristic protected by applicable law, such as race, color, national origin, religion, gender identity, sexual orientation, sex, age, disability, veteran or military status, and genetic information, or any other characteristic protected by applicable law. We strive to be a safe place to ask questions, build professional relationships, and develop careers.

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Please be wary of recruitment scams. An indication of a scam might be a request for sensitive or bank information at the time of application or emails coming from a non walkerdunlop.com email address. Please call us at 301.215.5500, if you have any concerns about information requested during or after the application process.

Fair Chance Hiring

Background checks, including any questions related to infractions, arrests, or conviction records, will not be conducted until after a conditional offer of employment has been accepted. We will consider for employment qualified applicants regardless of arrest and conviction records, in accordance with federal, state, and local laws.