2025 Analyst Program - Affordable Housing Rotational Analyst

Department:

Senior Management - Affordable

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.

Department Overview 

Walker & Dunlop’s Affordable Housing Group is recognized as a leader in the industry.  With multiple business lines including Debt, LIHTC Equity, Affordable Investment Sales, Affordable Development and Capital Advisory services, this team of over 200 professionals has a wide array of expertise across the entire capital stack in affordable housing.  Our team is on a mission to improve our nation’s affordable housing stock and ensure people have access to stable, quality, and safe housing. We do that by providing services and capital for the development and preservation of all types of affordable housing across the United States. Our unique platform drives strong financial returns for clients and supports the development of thriving communities where people can afford to live where they work, shop, and play.

The Impact You Will Have  

The Affordable Rotational Analyst Program is a unique professional development opportunity designed to provide in-depth exposure to W&D’s Affordable business lines. Over the course of the program, the Analyst will complete four six-month rotations across various teams within the Affordable platform, gain hands-on experience and build foundational skills in areas such as underwriting, asset management, financial modeling, investment sales, and more. Upon successful completion of the program, participants will have the opportunity to join a team on a full-time basis. This is an entry-level opportunity ideal for recent graduates who are eager to build a career in the affordable housing industry.

Primary Responsibilities 

Primary responsibilities may vary based on rotation assignment.

• Financial Analysis (Modeling) department: micro-level “lower-tier” models are prepared to evaluate potential acquisitions while macro-level “upper-tier” models project benefits and returns to investors.
  • Analyze financial viability of acquisitions (low-income housing developments) including performing “what if” scenario analysis.
  • Prepare upper tier (investors) and lower tier (developers) financial models in excel.
  • Check models against respective letters of intent and partnership agreements.
  • Review operating partnerships’ tax returns and GAAP financial statements.
  • Work with Developers, Originators, Acquisitions Personnel, Asset Managers, and Investor Relations to update and maintain financial models.

• Asset Management department: primarily responsible for the review and input of all property level financial reporting into the database.
  • Analyze, adjust, and input property level financial data for WDAE’s Tax Credit (Section 42) apartment portfolio, including Annual Operating Budgets, Quarterly Financial Statement, 8609s and Year-End Audited Financial Statements. 
  • Create reports utilizing MS-Access, Excel, Crystal Reports, Filemaker or SQL.
  • Compile and distribute quarterly and monthly investor reports.
  • Work on special projects for internal or external review, such as compiling data, backfilling the database, and special research projects.
  • Assist Asset Managers with routine management of the portfolio, including helping with reserve requests and capital contribution packets.
  • Coordinate with various departments to compile annual Asset Management investor meeting packages. 

• Acquisitions / Underwriting department: responsible for assisting underwriters with the acquisition and underwriting of limited partnership interests in affordable housing developments. 
  • Analyze and underwrite property Net Operating Income (NOI) and market risk; identifying the strengths, weaknesses, risks and mitigants on potential acquisition prospects.
  • Review potential transactions for internal and external (local laws and regulatory) compliance.
  • Perform market research and analyze demographic data.
  • Analyze market studies and expenses for originators to determine market feasibility of potential new deals.
  • Complete approval packages underwriting the equity LIHTC investment, including underwriting the development sponsor, development pro forma, development financing, real estate, market, construction risks, and IRS Section 42 compliance.

•  Investment Sales department: responsible for supporting the brokerage team in selling properties and developing new