Job Title: LIHTC Conversion Manager
Job type: Full-time, Remote
Work hours: 5.30 PM to 2.30 AM IST
Location: India
Company Overview
Castellan Real Estate Partners is a US-based real estate investment and development firm focused on affordable housing. The firm develops and manages multifamily properties across the United States and is seeking to build a high-performance offshore team to support its asset conversion and compliance processes.
About the Role
We are seeking a detail-oriented professional join our team as a LIHTC Conversion Manager. In this role, you will be the primary point of contact for managing the due diligence process during Low-Income Housing Tax Credit (LIHTC) conversions, coordinating deliverables across lenders, investors, and other transaction parties to ensure smooth and timely closings. As you grow in the position, you will take on increasing responsibility for technical analysis, including debt service coverage ratio testing and supporting the preparation of Cost Certifications.
This is an excellent opportunity for someone with a solid foundation in US affordable housing finance who is looking to deepen their expertise in Section 42 transactions and tax credit equity.
Key Responsibilities
Due Diligence Management (Primary Focus)
- Lead the due diligence process for LIHTC conversions from construction completion through stabilization and 8609 issuance
- Manage and track deliverables to lenders, investors, syndicators, and other deal parties, ensuring all requirements are met within established timelines
- Maintain organized due diligence checklists and document repositories for each transaction
- Serve as the primary liaison between internal teams, external counsel, lenders, investors, and third-party consultants
- Identify and proactively resolve issues that could delay conversion or impact the transaction
Technical Analysis (Growth Areas)
- Assist with debt service coverage ratio (DSCR) testing during the conversion process, including analyzing operating data and validating compliance with loan covenants
- Support our CPA in the preparation of Cost Certifications, including gathering and organizing project costs, eligible basis calculations, and supporting documentation
- Calculate and verify tax credit equity adjustments based on final qualified basis and applicable fraction
- Analyze the interrelationships between the Cost Certification, final equity pay-in, 8609 application, and DSCR test to ensure consistency across all conversion deliverables
Cross-Functional Coordination
- Collaborate with development, asset management, accounting, and compliance teams throughout the conversion process
- Communicate clearly with investors and lenders regarding deal status, outstanding items, and timing
- Maintain accurate records and reporting on conversion pipeline status
Required Qualifications
- Bachelor's degree in finance, accounting, real estate, business, or a related field
- 2+ years of experience supporting US affordable housing transactions, with direct exposure to the LIHTC program
- Strong working knowledge of Section 42 of the Internal Revenue Code, including familiarity with concepts such as eligible basis, qualified basis, applicable fraction, and the credit delivery timeline
- Understanding of how LIHTC equity is calculated and how it flows through a transaction from initial closing through conversion
- Experience managing deliverables and timelines across multiple stakeholders, including US-based clients or counterparties
- Excellent organizational skills and attention to detail
- Strong written and verbal English communication skills, with the ability to interact professionally with US-based lenders, investors, and counsel
- Proficiency in Microsoft Excel
- Ability and willingness to work a shift schedule aligned with US East Coast business hours
Preferred Qualifications
- Prior experience supporting or managing LIHTC conversions, Cost Certifications, or 8609 submissions
- Familiarity with permanent loan documents, partnership agreements, and investor side letters
- Exposure to debt service coverage testing and operating proforma analysis
- Experience working with US tax credit syndicators and/or affordable housing lenders
- Knowledge of state-specific QAP requirements and compliance monitoring
- Prior experience working as part of an offshore team supporting US real estate or financial services operations
What You'll Gain
- Hands-on involvement in complex US affordable housing transactions
- Direct mentorship and progressive responsibility, including increasing technical work on Cost Certifications and equity calculations
- Exposure to the full LIHTC lifecycle and the opportunity to develop deep subject-matter expertise
