Investment Associate – Affordable Housing

Dream a brighter future for Latino communities alongside us! At Raza Development Fund, you can use your professional skills to empower under-resourced communities across the country, helping us increase access to healthcare, education, and affordable housing, economic opportunity—and igniting lasting change. To be part of our legacy of influence and impact, learn more about our job openings and apply today.  


RDF is the largest national, Latino-focused nonprofit Community Development Financial Institution (CDFI). Driven by a mission to close wealth and opportunity gaps in Latino and other under-resourced communities across the United States, RDF provides responsible and attainable financial solutions to community-based organizations focused on health, education, affordable housing, climate resilience, homeownership, and entrepreneurship. 

RDF was founded in 1999 as a support organization to UnidosUS, the nation’s largest Hispanic civil rights and advocacy nonprofit, formerly known as the National Council of La Raza. As a testament to its exceptional financial strength and impact, RDF stands out as one of the few CDFIs with a prestigious AA- S&P rating. Since its inception, RDF has invested more than $1.3 billion across 38 states, leveraging over $6 billion in additional capital. 


Our investment strategy is predicated on an ultra-high touch and value-added approach to supporting organizations that prioritize premium outcomes to create economic prosperity and bridge wealth gaps. RDF’s market position as a preferred capital partner enables superior project sourcing capabilities, and our team of impact investment professionals care deeply about the success of our clients.  To that end, we bring more than just capital to the table – we make key connections; provide valuable advice; design and lead structured financings; and deliver innovative solutions.  Operating as a non-regulated, specialty finance company, our due diligence process is decidedly values-based; fundamental, but forward looking; and we actively embrace complexity to capitalize on differentiated, impact investment opportunities. 


Reporting to the Senior Director of Affordable Housing, this position is responsible for providing community development underwriting support to the Affordable Housing investment team.  The Investment Associate will custom-tailor financing solutions for complex structured transactions that involve public/private partnerships, traditional debt, grant capital, and/or tax credit financing.  In this role, you will work directly with borrowers, vet investment opportunities, provide technical assistance, conduct due diligence and financial analyses, draft credit memoranda, defend recommendations to credit committee(s), and coordinate the documentation and closing of secured and unsecured credit products for clients in the assigned industry. 

As Investment Associate – Affordable Housing you will be expected to: 

  • Adhere to RDF’s core values, including a commitment to working in economic development endeavors with diverse, under-resourced communities. 
  • Serve RDF’s clients as a trusted advisor throughout the full cycle of client relationships and provide high-value, technical assistance services, when necessary. 
  • Apply knowledge of the affordable housing marketplace and programs and policies affecting the affordable housing industry.  
  • Engage in industry groups and relevant conferences and events. 
  • Develop and defend insightful investment theses by screening and underwriting financing requests, including analyzing community impact, historical and projected financial performance, management capacity, the feasibility of budgeted financing sources, and conducting prospect site inspection visits. 
  • Present financing requests for approval and manage closings. 
  • In collaboration with the loan operations team, complete post-closing financing follow-up activities, including project construction management, processing financing draw-down requests, and collect all applicable reporting requirements, as necessary. 
  • Maintain a group calendar of events, including industry related events, client groundbreakings. fundraisers; and represent RDF at those events, as necessary. 
  • Collaborate with other industry specific teams on financing opportunities, as necessary. 
  • Perform other tasks, as assigned. 



  • Bachelor’s degree in finance, Real Estate, Business Administration, Urban Planning, or a related field. 


  • Minimum of 3-5 years of experience in affordable housing finance, real estate development, investment banking, or a related field, with a proven track record of successfully sourcing, underwriting, and managing affordable housing investments.   
  • Familiarity with affordable housing principles and practices, with experience working on projects or initiatives that address affordable housing practices. 
  • Experience working with or within underserved communities, particularly communities of color, to understand their unique needs and challenges related to affordable housing and economic development. 

Financial Analysis Skills: 

  • Strong financial analysis skills, including proficiency in financial modeling, valuation techniques, and risk assessment, with experience in underwriting complex real estate transactions. 
  • Deep understanding of affordable housing finance mechanisms, including Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), tax-exempt bonds, and various subsidy programs. 
  • Understanding of investment structures and financial instruments relevant to affordable housing finance. 

Community Development Knowledge: 

  • Understanding of community development principles and practices for affordable housing facilities financing. 
  • Knowledge of CDFIs and their role in providing capital to underserved communities. 
  • Awareness of policy issues affordable housing finance and community development, such as affordable housing policies and economic development initiatives. 

Communication and Relationship-Building Skills: 

  • Strong communication skills to effectively convey complex financial concepts to diverse stakeholders, including investors, community organizations, and government agencies. 
  • Ability to build and maintain relationships with community partners, investors, and other stakeholders to advance health equity initiatives. 
  • Cultural competency and the ability to work effectively with diverse communities, particularly within the Latino/Hispanic community. 

Analytical Skills and Attention to Detail: 

  • Strong analytical skills with attention to detail in financial analysis, impact measurement, and reporting. 
  • Ability to synthesize complex information and data to inform investment decisions and measure social impact. 

Passion for Social Impact: 

  • Commitment to social justice, economic equity, and community development with a passion for serving low-income and underserved communities and advancing Raza Development Fund’s mission. 

Teamwork and Collaboration: 

  • Ability to work effectively as part of a team, collaborating with colleagues across different departments and functions to achieve shared goals. 
  • Flexibility and adaptability to work on multiple projects simultaneously in a dynamic environment. 

Technical Proficiency: 

  • Proficiency in relevant software applications such as Microsoft Excel, financial modeling software, and databases used for impact measurement and reporting. 


Relevant certifications in finance, community development, or public health may be beneficial, but not required. 


Interested candidates must send cover letter (*required) and resume to: .

In the subject line of the email, candidates must specify title of position the application is in reference to.