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| Low Income Housing Tax Credits |
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Our experienced Low Income Housing Tax Credit (LIHTC) Team has worked with clients involved in more than 160 LIHTC properties. This experience allows us to help you maximize your allocation of tax credits and receive valuable LIHTC consulting services. Our organized audit, tax and agreed upon procedures processes will help you to meet the various syndicator reporting deadlines and requirements in order to receive capital contributions and avoid late reporting penalties.
We have worked with nearly a dozen developers and various syndicators. We understand the intricacies of the relationships between the developer, syndicator, state housing agency and the IRS – and will work with you to resolve any unique audit or tax issues that may arise.
Services
• Accounting for building and construction costs
• Audits, reviews and compilations
• Assistance with 8609 applications
• Break-even analysis
• Calculation and allocation of surplus cash
• Compliance testing of low-income tenants
• Cost certifications
• Debt service coverage analysis
• Eligible vs. non-eligible basis analysis
• General and limited partnership, and development company tax return preparation
• HUD financial reporting and disclosures
• Review complex partnership income tax issues
• Ten percent test
• Initial year tax credit computations
Links to Related Sites
Virginia Housing Development Authority
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