Affordable Housing Finance Product Manager - Executive Director

Morgan Stanley Community Development Finance is seeking a senior-level Affordable Housing Finance Product Manager to lead the end-to-end management of the Firm’s affordable housing private equity investment portfolio. The role will oversee the full investment lifecycle—from sourcing and origination through underwriting, transaction approval, closing, portfolio and asset management, governance, risk monitoring, performance reporting, and investment exits.

This individual will serve as a senior product owner and relationship manager for affordable housing private equity strategies, working closely with internal stakeholders, fund managers, sponsors, legal counsel, risk partners, and other control functions to ensure disciplined execution, strong portfolio performance, and alignment with Morgan Stanley’s community development, risk management, and business objectives.

Note: Location is open within the the U.S.

Responsibilities:

• Oversee the affordable housing private equity product strategy and portfolio management framework, including origination priorities, investment guidelines, portfolio objectives, performance targets, and exit planning.

• Lead sourcing and originations for new affordable housing private equity investment opportunities, including evaluation of fund managers, sponsors, markets, investment structures, projected returns, community development impact, and strategic fit.

• Oversee due diligence, underwriting, financial analysis, market review, sponsor and guarantor assessment, legal documentation, and transaction approval materials for new investments and follow-on commitments.

• Present investment opportunities, portfolio updates, risk matters, and strategic recommendations to transaction council, senior management, credit partners, and other internal governance forums.

• Serve as the primary relationship manager for affordable housing private equity fund managers, developers, sponsors, and other external partners, ensuring strong communication, accountability, and execution.

• Manage post-closing portfolio oversight, periodic asset reviews, compliance monitoring, operating performance analysis, capital account tracking, distribution forecasting, valuation support, and watchlist management.

• Monitor fund and underlying asset performance against underwriting expectations, investment agreements, regulatory requirements, and CRA objectives.

• Represent Morgan Stanley on fund advisory boards, investor committees, and other governance bodies, providing guidance on consents, amendments, waivers, workouts, dispositions, and other material portfolio matters.

• Partner with internal risk stake holders to ensure appropriate controls, approvals, reporting, and issue resolution.

• Lead, mentor, and develop staff supporting affordable housing private equity products, promoting strong execution standards, analytical rigor, and consistent portfolio management practices.

Skills Required:

• Deep understanding of affordable housing finance, private equity fund structures, LIHTC investments, multi-family real estate underwriting, asset management, and portfolio risk management.

• Strong financial modeling, valuation, credit analysis, cash flow forecasting, and investment performance assessment skills.

• Proven ability to evaluate complex transactions, identify risks, develop mitigation strategies, and make sound investment recommendations.

• Excellent written and verbal communication skills, with the ability to present complex investment, risk, and portfolio matters clearly to senior management and governance committees.

• Strong relationship management and negotiation skills with demonstrated ability to work effectively with fund managers, developers, sponsors, legal counsel, and internal control partners.

• Highly organized, detail-oriented, and able to manage multiple priorities, transactions, portfolio matters, and deadlines in a complex institutional environment.

• Advanced proficiency in Microsoft Excel, PowerPoint, and Word; experience with portfolio reporting systems, investment databases, and data visualization tools preferred.

Experience:

• 15+ years of relevant experience in affordable housing finance, private equity, multi-family real estate investment, asset management, credit, or portfolio management.

• Demonstrated experience managing investments across the full lifecycle, including origination, underwriting, approval, closing, construction or stabilization monitoring, ongoing asset management, workouts or restructurings, and exits.

• Experience with public sector financing sources and regulatory frameworks, including Low-Income Housing Tax Credits, HUD/FHA programs, tax-exempt bonds, state and local housing programs, and other community development tools.

• Established relationships with affordable housing developers, fund managers, lenders, investors, public agencies, and other industry participants preferred.

• Prior experience leading teams, managing senior stakeholder relationships, and operating within a regulated financial institution or similarly complex investment platform strongly preferred.

WHAT YOU CAN EXPECT FROM MORGAN STANLEY:

At Morgan Stanley, we raise, manage and allocate capital for our clients – helping them reach their goals. We do it in a way that’s differentiated – and we’ve done that for 90 years. Our values - putting clients first, doing the right thing, leading with exceptional ideas, committing to diversity and inclusion, and giving back - aren’t just beliefs, they guide the decisions we make every day to do what's best for our clients, communities and more than 80,000 employees in 1,200 offices across 42 countries. At Morgan Stanley, you’ll find an opportunity to work alongside the best and the brightest, in an environment where you are supported and empowered. Our teams are relentless collaborators and creative thinkers, fueled by their diverse backgrounds and experiences. We are proud to support our employees and their families at every point along their work-life journey, offering some of the most attractive and comprehensive employee benefits and perks in the industry. There’s also ample opportunity to move about the business for those who show passion and grit in their work.

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New York

Expected base pay rates for the role will be between $150,000 and $250,000 per year at the commencement of employment. However, base pay if hired will be determined on an individualized basis and is only part of the total compensation package, which, depending on the position, may also include commission earnings, incentive compensation, discretionary bonuses, other short and long-term incentive packages, and other Morgan Stanley sponsored benefit programs.

Salary range for the position: $150,000 - $250,000 Yr. The successful candidate may be eligible for an annual discretionary incentive compensation award. The successful candidate may be eligible to participate in the relevant business unit’s incentive compensation plan, which also may include a discretionary bonus component. Morgan Stanley offers a full spectrum of benefits, including Medical, Prescription Drug, Dental, Vision, Health Savings Account, Dependent Day Care Savings Account, Life Insurance, Disability and Other Insurance Plans, Paid Time Off (including Sick Leave consistent with state and local law, Parental Leave and 25 Vacation Days annually), 10 Paid Holidays, 401(k), and Short/Long Term Disability, in addition to other special perks reserved for our employees. Please visit mybenefits.morganstanley.com to learn more about our benefit offerings. The application window is expected to close 9/24/2026, but may be extended depending on whether a candidate has been selected.

Morgan Stanley is an equal opportunity employer committed to building and maintaining a workforce that is diverse in experience and background. Our recruiting efforts reflect our strong commitment to a culture of inclusion, where individuals are hired, developed, and advanced based on their skills and talents.

Our workforce reflects a broad cross-section of the global communities in which we operate, bringing a variety of backgrounds, talents, perspectives, and experiences.

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