Low Income Housing Tax Credits

We provide for-profit and nonprofit developers, syndicators, investors, and lenders with a range of accounting, tax and business advisory services, including:

Consulting Services

• Projections and forecasts
• Eligible basis reviews
• 95/5 qualifying cost reviews
• Aggregate basis reviews
• Income tax issues
• Partnership taxation issues
• Financing and affordable housing program application assistance
• Exit strategies and structuring

Tax Exempt Bond Services

• Borrower/Developer Tax Certification (95/5 Certification)
• 50% Aggregate Basis Certifications (50% Test)
• Final Use of Proceeds Certification

10% Carryover Certifications

• Agreed-upon procedures (AUP) engagement to certify that more than 10% of the reasonably expected basis costs have been incurred for low income housing tax credit carryover allocation purposes.

Cost Certification Audits

• Audits of development costs required by state agencies, HUD, USDA RD and various other regulatory agencies.

Annual Audit and Tax Return Preparation

Generally Accepted Auditing Standards (GAAS)

• Generally Accepted Government Auditing Standards (GAGAS)
• Housing and Urban Development (HUD)
• Rural Development (RD)
• Single Audits (OMB A-133)

Compliance Reviews

• Ensures compliance with income and rent limitations, procedural requirements for tenant certification and related income verification as well as other regulatory requirement reviews.

Projection Reviews and Consulting

• Review of proposed project’s development and/or operations budget to check the reasonableness of the projections and proposed project including compliance with regulatory requirements.

Agreed Upon Procedures Engagements

• Performance of tests to report on the achievement of standards required by lenders, investors and/or regulatory agencies.