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2026 Affordable Housing Rotational Analyst
Department:
Affordable Housing Operations
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 offer comprehensive exposure to W&D’s Affordable business lines. Throughout the program, Analysts will rotate across various teams, providing analytical support and gaining hands-on experience in key areas such as underwriting, asset management, financial modeling, investment sales, and more. This is immersive program is ideal for recent graduates who are passionate about affordable housing and eager to build a strong foundation for long-term career in the industry.
Primary Responsibilities
Primary responsibilities may vary based on the team the Analyst is supporting.
- 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.
- Development department: responsible for partnering in joint ventures with affordable housing developers to structure, finance, and execute new development opportunities from pre-development through stabilization.
- Build and maintain detailed financial models for affordable housing developments, including development budgets, sources and uses, operating pro formas, return metrics, and sensitivity analyses.
- Support underwriting of new joint venture opportunities by analyzing sponsor financials, project feasibility, capital stack structures, and projected risk/return profiles.
- Assist in structuring and tracking pre-development loans, including modeling repayment scenarios and monitoring project milestones.
- Support construction and permanent debt financing processes, including sizing debt, analyzing coverage ratios, and preparing lender underwriting materials.
- Conduct market research and analyze demographic, rent, and comparable property data to assess project feasibility.
- Prepare internal investment memoranda and approval packages summarizing financial analysis, risks, mitigants, and key assumptions.
- Assist the team in compiling due diligence packages for applications for funding.
- Work with the team quarterly to compile and help produce a quarterly report on the team’s performance.
- Assist asset management in tracking operating performance against underwriting projections and ensuring ongoing LIHTC and regulatory compliance.
- Investment Sales department: responsible for supporting the brokerage team in selling properties and developing new business.
- Perform detailed analyses of affordable multifamily properties, including reviewing property financial data, T12 financial reports, rent roll, operating budget, capital expense needs, applicable rent restrictions, market surveys, and rent and sales comps.
- Conduct market research to understand current market conditions and trends.
- Assist with the preparation of marketing materials for properties, including offering memorandums and presentations.
- Support new business development efforts by researching and analyzing potential clients and opportunities.
- Interface with various departments within the firm, including Affordable Debt Production, Affordable Equity Originations, and Dispositions.
- Communicate and problem-solve daily with teammates, clients, vendors, and other stakeholders.
- Perform 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, finance, or real estate related field.
- Experience in commercial real estate, finance, low-income housing tax credits (LIHTC) is a plus.
Knowledge, Skills, and Abilities
- Proficiency in Microsoft Office, including Excel, PowerPoint, and Outlook.
- Ability to analyze complex data sets, identify trends, and make recommendations based on findings.
- Ability to manage multiple tasks and deadlines efficiently, particularly while rotating through different teams and projects.
- Demonstrates strong learning orientation. Takes ownership for personal development through active participation in training and career development.
- Excellent oral and written communication skills - the individual speaks clearly and persuasively in all situations and demonstrates excellent spelling, grammar, and proof-reading abilities.
- Demonstrates ability to think critically and be creative with problem-solving - the individual identifies and resolves problems in a timely manner and gathers and analyzes information skillfully.
- Must possess exceptional people skills and be able to interact and communicate with individuals at all levels of the organization, as well as handle sensitive and confidential situations independently or on a team.
- Ability to show ownership of your work, embrace challenges and growth opportunities, and demonstrate patience when learning new processes.
- Demonstrates courtesy, respect, and thoughtfulness when teaming with colleagues and collaborating with stakeholders.
What We Offer
- The opportunity to join one of Fortune Magazine’s Great Places to Work winners from 2015-2023
- Comprehensive benefit options* that have earned Walker & Dunlop the silver level of the 2022 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
- 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
EEO 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.
SPAM
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.
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.
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