AHIC Member Employee Categorization: Explainer Guide
Your Firm is an AHIC Member. How to Know if You Are an Investor or Affiliate Representative.
Starting in November 2024, AHIC is implementing a new Employee Categorization system that affects how members access AHIC benefits, events, and leadership opportunities. All employees at AHIC member firms will be categorized as either Investor Representatives or Affiliate Representatives based on their role and firm type.
This guide explains what this change means for you and what actions are required.
Why Are We Doing This?
As some investor firms have expanded into syndication, the lines between investors and syndicators have become less clear. This has created confusion about access to AHIC’s investor-only spaces and benefits. AHIC is implementing this change to:
- Preserve investor-only spaces for candid discussions and information sharing.
- Clarify who can participate in AHIC’s programs, events, and committees.
- Provide fair and consistent guidelines for all members based on their role.
This system ensures AHIC continues to support its mission of serving housing credit investors while fostering a collaborative environment for all members.
How Does It Work?
Here’s what determines your categorization
Firms that do NOT syndicate housing tax credits:
All employees are Investor Representativess
Full access to AHIC’s benefits, committees, and events.
Firms that DO syndicate housing tax credits:
Employees who work in sales or call on investors to raise capital are Affiliate Representatives.
All other employees are Investor Representatives.
Syndicators and brokers (Future Affiliate members):
All employees are Affiliate Representatives.
Factors for Determining Whether an Investor-Member Employee is an Affiliate or Investor Representative
- Investor Representatives are typically professionals who deploy their firm’s capital into LIHTC investments (whether direct or via syndicators), conduct asset management of their firm’s tax credit portfolios, or focus on capital investment strategy and oversight related to their firm’s investments.
Their primary role, in the ordinary course of business, does not involve selling tax credit funds to outside investors, raising money from outside investors, providing tax credit fund asset management services for outside clients, or conducting or managing third-party investor relations. Overseeing or executing occasional secondary market sales does not preclude an individual from being an Investor Representative. - Affiliate Representatives are professionals whose primary role involves raising capital from third parties, including other AHIC members; syndicating partner or member interest in tax credit to third parties; managing funds or assets for third parties; or conducting or managing third-party investor relations.
AHIC recognizes that roles in the industry can be nuanced, particularly at the senior leadership level. We use a multi-factor approach to determine an individual’s classification. It is acknowledged that many investors may occasionally engage in secondary market sales to manage certain aspects of their portfolio. Key considerations include the nature of capital raising—portfolio hedging or core business activity—and whether the individual actively and routinely solicits capital, provides asset management services to third parties, or engages in investor relations primarily for fundraising purposes.
Final determinations are made at the discretion of AHIC’s Board of Governors to ensure consistency and alignment with our membership structure.
What Can You Access as an Investor or Affiliate Representative?
| Benefit | Investor Representatives | Affiliate Representatives |
|---|---|---|
| Association Voting Privileges | X | |
| Eligible to Serve as an AHIC Governor or Officer | X | |
| Eligible to Chair a Committee | X | |
| Attend AHIC's Spring Meeting | X | |
| Attend AHIC's Fall Summit | X | X |
| Listing in Membership Directory | X | X |
| Access Searchable Membership Directory | X | X |
| Attend Third Thursday Webinars | X | Limited |
| Access On-Demand Webinar Library | X | Limited |
| Post Job Listing on AHIC's Job Board | X | X |
| Attend Risk Meetups | X | |
| Participate in Peer Meetups | x | Limited |
| Join an AHIC Committee | X | Membership and Program Committee Only (Non-Voting Member) |
| Participate in Emerging Leaders Program | X | |
| Sponsor AHIC Programs and Events | X | X |
FAQs
- How do I know if I’m an Investor or Affiliate Representative? Your firm’s activities and your role determine your categorization. Your answers to the profile questions asked when creating your account will be used to categorize you. If you’re unsure, contact us at info@ahic.org for clarification.
- What happens if my role changes? You can update your profile in the AHIC database, and you will automatically be recategorized.
Need Help?
- Email us at info@ahic.org.