Affordable Housing

Helping businesses finance safe and affordable rental housing for lower income communities has been a primary activity for Reznick Group for more than 30 years.  Our industry insights and experience in affordable housing are unparalleled among accounting firms.

Developers, investors and syndicators have benefited from Reznick Group’s understanding of low-income housing tax credits (LIHTC), Federal Housing Administration (FHA) insurance and other Housing and Urban Development (HUD) programs, state rental programs, and tax-exempt bond financing opportunities.  By leveraging these programs, Reznick Group has helped industry participants complete major affordable housing deals, thereby providing safe, decent, affordable housing to communities that need it most.

Our client base includes for-profit and nonprofit developers, public housing authorities, state housing credit agencies, syndicators, investors, and lenders. Developers rely on us to structure transactions,  coordinate with state housing agencies that are setting standards, and to develop practical processes to improve the likelihood of success.  We help investors, syndicators and lenders analyze transactions and perform due diligence services.

Services

  • Preparation or review of applications for allocations of 9% tax credit in conformance with each state’s qualified allocation plan
  • Application pre-scoring to optimize likelihood of obtaining tax credits
  • Tax-exempt bond application preparation
  • Assistance in obtaining other sources of financing
  • 2530 clearance reporting
  • Transaction structuring and financial projections
  • Evaluation of the treatment of HOPE VI funds, HOME, federal grants, and below-market financing
  • Structuring to meet 50% test for tax-exempt bond financed tax credit deals
  • Analysis of the impact of a tax-exempt organization’s involvement
  • Analysis of the propriety of partnership allocations according to IRS Code Sections 704 and 752
  • Residual value analysis
  • Certification for carryover allocation (10% test)
  • LIHTC placed-in-service cost certification
  • HUD cost certifications – mortgagor & contractor
  • Audit and tax return services
  • Breakeven calculations
  • Troubled deal restructuring
  • Year 15 analysis, including evaluation of options and strategies for stakeholders
  • Assistance with tenant non-compliance issues
  • Onsite LIHTC training programs