Director – LIHTC Proprietary Investments
About the Employer
Fannie Mae is foundational to housing finance in the U.S. economy. Since relaunching its Low-Income Housing Tax Credit (LIHTC) equity platform in 2018, Fannie Mae has invested over $5 billion across proprietary and multi-investor funds. The company is committed to expanding access to homeownership and affordable rental housing across the country through purpose-driven innovation.
Role Summary
As a Director on the LIHTC Proprietary Investments team, you will play a key leadership role managing a pipeline of proprietary LIHTC equity investments, overseeing underwriting and closings, and leading a team of underwriters. This role provides the opportunity to shape and execute affordable housing investments while leading a high-performing team.
What You'll Do
- Structure, underwrite, and close proprietary LIHTC equity investments in collaboration with syndicator partners
- Maintain overall responsibility for the investment review, approval, and execution process for proprietary investments, including coordination across internal and external stakeholders
- Identify and assess the risk profile of LIHTC equity investments to ensure alignment with credit, investment, tax, and regulatory guidelines
- Coordinate with internal partners and external stakeholders to establish key milestones and ensure seamless execution from underwriting through closing
- Partner with management to recommend business solutions and strategies based on market insights, portfolio performance, and internal data analysis
- Lead, coach, and develop a team of underwriters by providing guidance, mentoring, training, and ongoing performance feedback
- Communicate clear priorities and direction for the team while actively participating in performance management and talent development efforts
- Collaborate with internal stakeholders—including Sponsor Surveillance, Legal, Risk, and Compliance—to ensure adherence to all policies, procedures, and regulatory requirements
- Participate in special projects and cross-functional initiatives as needed
- Travel to markets and prospective investments to support underwriting, diligence, and relationship management (up to 25%)
Required Qualifications
- 8+ years of LIHTC equity experience with a demonstrated track record of underwriting and closing proprietary LIHTC investments while maintaining strong product and credit quality
- Proven expertise in modeling, structuring, and executing LIHTC proprietary investments
- Experience managing complex projects, tight timelines, and multiple priorities in a fast-paced environment
- Proven ability to lead, mentor, and manage teams while driving performance and professional development
- Strong analytical, verbal, written, and presentation skills, with the ability to clearly communicate complex concepts
- Demonstrated ability to influence outcomes through negotiation, persuasion, facilitation, and conflict resolution
- Solid knowledge of tax, accounting, and regulatory considerations related to LIHTC equity investments
- Strong relationship management skills with the ability to effectively engage internal stakeholders, partners, customers, and vendors
- Highly motivated, detail-oriented self-starter with sound judgment
- Ability to travel overnight up to 25%
Preferred Qualifications
- 10+ years of LIHTC equity experience underwriting and closing proprietary investments
- Bachelor's degree or equivalent; Master's degree preferred
- Proven success leading projects and solving complex business challenges
- Strong interpersonal skills with the ability to collaborate effectively across diverse functional teams
- A team-oriented mindset with enthusiasm for working in a dynamic, evolving environment
Compensation
$155K–$209K