Low Income Housing Tax Credits

  • Providers leveraging the Low Income Housing Tax Credit (LIHTC) program must successfully navigate a range of federal and state regulations that entail specific compliance and reporting requirements.

    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.
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