Affordable Housing

Specialized solutions designed for affordable housing organizations

At BerryDunn, we understand that affordable housing organizations are unique and dynamic organizations with specific challenges and opportunities.

Our commitment to specialization provides our clients with a team of specialists who understand the complex accounting, regulatory, and tax issues of affordable housing organizations.

Areas of expertise

We have experience with affordable housing agencies subject to audits under both FASB and GASB, as well as the various tax credits available, HUD compliance, annual Real Estate Assessment Center (REAC) submissions, and other compliance matters.

Audit, tax, and advisory

Insights and guidance to protect your agency from risk

Tax credit investments

Expertise to stay compliant with complicated requirements

HUD compliance audits

Experience in annual affordable housing compliance requirements

Audit, tax, and advisory

Our experienced nonprofit accounting team can help you with the annual independent audits necessary for affordable housing organizations to remain compliant with grant and funding agreements from various agencies, lenders, and partners.

HUD Real Estate Assessment Center (REAC) filings

We assist with preparing and filing the annual filing to REAC that is due 90 days subsequent to the end of a fiscal year.

Uniform Guidance

We provide compliance audits to affordable housing organizations with federal funding to remain compliant with federal regulations in accordance with Uniform Guidance and Yellow Book auditing standards.

Audit readiness

We identify potential weaknesses and areas for improvement, while working to improve the efficiency of your operational functions.

Operational assessments

We understand the importance of having sound processes and internal controls to protect your operations while navigating the evolving regulatory environment.

Financial statement audits

We provide annual audits of affordable housing organization’s financial statements and related disclosures in accordance with US generally accepted auditing standards.

IRS compliance

Our team can assist with the filing of federal returns for tax credits with a 15-year compliance period.

State compliance

We can help you meet state audit requirements for tax credits with a 30-year compliance period.

Tax credit investments

Our team understands the tax credits available, and the associated requirements set by state and local governments and financial institutions. We are well versed in the regulatory review process and can provide the necessary guidance to remain in compliance.

Low Income Housing Tax Credits (LIHTC)

We can provide services such as first year tax credit calculations, 10% tests calculations, 50% tests on tax-exempt bond financing, and other services.

Historic tax credits

Our team provides services such as financial projections, transaction structuring, partnership allocations, and other services.

Renewable energy tax credits

We advise on tax deductions for owners of energy efficient facilities using such renewable energy sources such as solar, wind, and other sources.

New Markets Tax Credits (NMTC)

We work with our clients and their partners to guide them through the NMTC life cycle.

HUD compliance audits

Whether you are a for-profit or nonprofit HUD-supported facility, we understand the annual compliance requirements affordable housing organizations face.

Restricted deposits and funded reserves

We work with you to remain compliant with the funding requirements for replacement reserves, residual receipts, and other required deposit accounts.

Housing Assistance Payments (HAP)

We work with our clients to remain compliant with the annual subsidies received and the proper reporting of those funds received.

Tenant eligibility

We understand the tenant eligibility requirements and work with our clients to support their ongoing compliance with those requirements.

Process

Pre-construction

We advise on deal structuring and projections pre-construction and can help you find optimal financing and incentive opportunities.

Under construction

In the construction phase, our team can provide cost certifications, HUD reporting, and break-even analysis to help keep your project moving forward.

Active and operational

For operating affordable housing programs, we can assist with financial statement audits, annual tax returns, and energy studies.

Planning for the future

We help you establish exit goals, measure financial readiness, choose the optimal exit option, and execute a succession plan to achieve your goals.

What to expect at BerryDunn

As consultants to organizations of all sizes throughout the US, our team has a clear understanding of industry best practices. We provide the vital strategic, financial, and operational support necessary to help you fulfill your missions.

Our team has experience with affordable housing agencies subject to audits under both Financial Accounting Standards Bards and Government Accounting Standards Board. Additionally, we have experience with the various tax credits available to affordable housing agencies, HUD compliance, annual Real Estate Assessment Center (REAC) submissions, and other compliance matters.

About us