Development Associate (Affordable Housing/LIHTC)

Lincoln Avenue Communities•Santa Monica, CA

3d•Hybrid

About The Position

Lincoln Avenue Communities (LAC) is a mission-driven real estate private equity firm focused on developing and preserving affordable housing. As a vertically integrated developer, investor, and operator, LAC provides high-quality homes to lower- and moderate-income individuals, seniors, and families across 32 states. With a portfolio of over 200 properties and 35,000 homes, LAC is committed to long-term impact, operational excellence, and resident well-being. The firm is recognized as an industry leader, recently ranked No. 1 on Affordable Housing Finance’s 2025 AHF 50 list of top developers. LAC combines strategic investment, thoughtful design, and community partnerships to create housing solutions that promote stability, opportunity, and resilience. LAC is seeking a Development Associate to join its talented team and contribute to expanding access to quality affordable housing nationwide. This role is ideal for an early-career affordable housing professional who thrives on complex transactions, is motivated by mission-driven work, and seeks to develop deep technical expertise within a stable, growing platform with a strong national pipeline. The Development Associate will play an active role in advancing projects from concept through closing, gaining comprehensive experience across the full lifecycle of LIHTC and affordable housing transactions, including underwriting, deal structuring, execution, rehabilitation, construction, and portfolio transition. This collaborative role offers direct exposure to key decision-makers and partnerships, fostering a well-rounded understanding of affordable housing deal development. The Associate will work closely with Originations and partner with Asset Management, Construction, Legal, Finance, senior leadership, and third-party consultants to support portfolio-wide success. This position is based at the Santa Monica Headquarters and is a hybrid role, requiring at least 4 days in the office per week.

Requirements

Demonstrated experience or knowledge of public and private affordable housing funding resources and subsidy programs, including LIHTC, tax-exempt bonds, and syndication process; ability to combine financing tools to leverage housing funds creatively.
Numbers-oriented with strong analytical skills who can evaluate complex data and provide solutions. Adept at modeling and thinking through investments and the impact of decisions through the investment process on financial outcomes.
Detail and process-oriented.
Self-starter with the ability to work independently while also being comfortable interacting with and presenting to senior management and external parties.
Aptitude for creating strong internal and external relationships. Must be a strong collaborator among peer groups within the company, and with counterparties.
Passionate and aligned with the company's double bottom line mission: generating risk-adjusted returns and managing great, stable communities for our residents.
Ability to utilize GenAI tools to optimize workflows, improve efficiency, and enhance overall productivity while maintaining accuracy, quality, and sound judgment.
Bachelor's degree in business, finance, real estate, development, or related field with demonstrated performance and leadership in school is required.
2+ years of experience in affordable housing development, with a strong working knowledge of LIHTC transactions and processes is required.
Background in real estate investment banking, private equity, or with a for-profit real estate developer and owner/operator required.
Highly proficient in investment analysis using Microsoft Excel models and investment presentation experience.

Nice To Haves

Ideally, this person brings experience with execution at the granular development & transaction level

Responsibilities

Work with deal teams to execute on a variety of complex transaction types spanning LIHTC new construction, re-syndications and acquisitions, with a focus on 4% LIHTC structure.
Work closely within deal teams to assess market dynamics, determine financial feasibility, and structure complicated transactions.
Work with internal teams, capital partners, and consultants to drive transactions forward throughout the full deal lifecycle.
Assist in capital structuring to include obtain debt and equity financing, including LIHTC, Tax-exempt bonds, FHA and Agency debt, and other forms of subordinate or gap financing as needed.
Maintain up-to-date pro-formas that accurately reflect the project budget and financing plan.
Establish close relationships with key agency staff members, government officials, community members, and state HFAs.
Assist with the training and mentoring of analysts who support the Associate role.
Help create and execute successful business plans from start to finish, ensuring high quality investments and best practices.
Perform other duties as reasonably assigned.

Benefits

Performance-based bonuses, including semi-annual supplemental bonuses for high-performing employees
Full medical, dental, and vision coverage for you and your dependents
401(k) plan with employer matching and immediate vesting
Life and disability insurance
Relocation assistance
Generous PTO, holidays, and sick time
Lunch provided daily
On-site gym facility
Paid parental leave
Employee referral incentives
Significant firm investment in individual and team-oriented growth
Fun company and team-building events
Continuous learning and development opportunities