Tax and audit compliance requirements for real estate projects in the affordable housing industry is complex. Failing to meet these requirements can result in the loss of low-income housing tax credits, access to governmental funding sources, and overall project viability. We serve for-profit developers and nonprofit entities. We have extensive experience in the audit and reporting requirements of projects receiving financing from federal and state government agencies. We understand the complexities associated with low-income housing tax credits (LIHTC), as defined in IRC Section 42.
Our services are comprehensive and include:
- Year-end financial reporting-audits, review, compilations
- Forensic accounting
- Year-end income tax return preparation and compliance
- General and limited partnership income tax return preparation
- Preparation of the nonprofit tax return
- HUD financial reporting and disclosures
- Governmental financial reporting and disclosures
- Final Cost Certifications
- 10% Carryover Allocation – Agreed Upon Procedure report
- Acquisition and rehabilitation tax credit computations, including Historic tax credits, if applicable
- Property management operational reviews
- Compliance testing of low income tenants
- Partnership or lender required agreed-upon procedures letters