Affordable Housing/Community Development

Flaherty Salmin provides value to our clients at all stages of the Affordable Housing/Community Development life cycle: development, construction, ownership, management and exit strategies. We are known for our development stage expertise. Flaherty Salmin gets tremendous satisfaction from this collaborative work that results in the creation of decent, affordable, and safe housing. Not only do individuals and families benefit directly from this collective effort, but affordable housing is a catalyst for economic and community development.

Affordable Housing/Community Development Credentials

Areas of expertise

Low-income housing tax credit (LIHC)
Historic tax credit (HTC)
Solar, geothermal, and other energy credits/incentives
Various state tax credits and incentives
Partnership taxation
Not for profit organization tax considerations
Housing and Urban Development (HUD)
Rural Development (RD)
Various state housing/community development agencies

Consultative services

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Compliance services

Annual audit
Cost certification audits/examinations
Tax exempt bond related
- 50% aggregate basis certifications
- Borrower tax certifications (95/5)
- Final use of proceeds certifications (95/5)
10% expected basis certifications
Investor break-even or debt service coverage certifications
Various other investor, lender, and agency certifications
Agreed upon procedures engagements

Annual tax return preparation
Tax elections
Tax planning and projections

Memberships

We have significant relationships with the following:

Our affordable housing clients
National syndicators
Legal advisors
Public housing authority and HUD consultants
National accounting firms
Representatives from state housing agencies
New York State Association for Affordable Housing (NYSAFAH) (Tim Flaherty is the Treasurer and an Executive Board member)