Affordable Housing Services

Affordable Housing Services – development, management, compliance and reporting – are a nationally recognized specialty of our firm. Members of our affordable housing team spend the majority of their professional services time serving the Firm’s affordable housing clients.

The entities that we serve range from properties with low-income housing tax credits only to projects that combine tax credits with various levels of debt and rental assistance subsidies. We provide exceptional commitment and expertise in affordable housing at competitive fees.  As a result of this service, our project list continues to grow as current clients and new clients place trust in us with new engagements.

Flaherty Salmin provides value to our clients at all stages of an entity’s life cycle, particularly the development stage. We consult on many matters involving the low-income-housing tax credit and other affordable housing programs during each phase of the development process.

Specific Affordable Housing Services include the following:

  • Low income housing credit
  • Historic tax credit
  • Brownfield credit
  • Solar and other energy efficiency credits/programs
  • 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
  • Borrower/Developer Tax Certification (95/5 cert.)
  • 50% Aggregate Basis Certifications
  • Final Use of Proceeds Certification

Audit and/or agreed-upon procedures engagement to ensure that more than 10% of the “reasonably expected basis” costs have been incurred for low income housing tax credit carryover allocation purposes.

(agreed-upon-procedures engagement)

  • Break-even
  • Debt Service Coverage (DSC)
  • Tax credit

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

Generally Accepted Auditing Standards (GAAS)

  • Generally Accepted Government Auditing Standards (GAGAS)
  • Housing and Urban Development (HUD)
  • Rural Development (RD)
  • Single Audits (OMB A-133)
  • Various state agencies including:
    • New Jersey HMFA
    • Maryland DHCD
    • Pennsylvania HFA
    • New York HCR
    • and many others

Compliance with income and rent limitations, procedural requirements for tenant certification (and related income verification) as well as other regulatory requirement review.

Reviewing a proposed project’s development and/or operations budget to ensure the economic soundness of the projections and the proposed project as well as compliance with regulatory requirements.

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

We can provide a variety of other services, customized to your particular needs, for your affordable housing project(s).

General Credentials

The Firm is an advocate and recognized authority in affordable housing.

  • Invited speaker/moderator at various affordable housing conferences
  • Involvement with the grass-roots committee that formed the Upstate Equity Fund initiative
  • Occasionally consulted by HCR and HFA personnel for accounting, tax and auditing issues
  • Served on committee with USDA RD State Director to address implementation of RD “Agreed-Upon Procedure” engagement regulations
  • Assisted DHCR/HTFC personnel in establishing the HTFC “cash flow available for soft debt service” schedule
  • New York State Association for Affordable Housing (NYSAFAH) (Tim Flaherty is the Treasurer and an Executive Board Member)
  • Council for Affordable and Rural Housing (CARH)
  • New York State Rural Rental Housing Association (NYSRRHA)
  • The Affordable Housing Association of CPA’s (AHACPA)
  • New York State Rural Housing Coalition (RHC)
  • Our affordable housing clients
  • National Syndicators
  • Legal advisors
  • Public housing authority consultants
  • National accounting firms
  • Representatives from state housing agencies
  • Rural Development
  • New York State Association For Affordable Housing (NYSAFAH) (Tim Flaherty is the Treasurer and an Executive Board member)