The affordable housing and Section 42 tax credit arena is a very complicated and competitive industry filled with rules and regulations imposed by the IRS as well as numerous federal and state housing finance agencies. Owners, developers, investors, management agents and other real estate professionals involved in affordable housing have come to rely on Bodilly CPAs & Consultants, LLP for specialized advice and dedicated professional service from project inception through disposition.
Bodilly CPAs & Consultants, LLP's professionals have been working with affordable housing and Section 42 tax credits since the inception of the tax credit program in 1986. We are members of the Affordable Housing Association of Certified Public Accountants (AHACPA) as well as the Council for Affordable Rural Housing (CARH). Members of our industry team have significant experience dealing with the low-income housing tax credit and it coordination with USDA Rural Development, HUD, conventional and mixed-financing properties. Our industry experts offer a full range of services tailored to your specific needs including:
- Annual financial statement audit, review and compilation services
- Annual tax return preparation
- Assistance with applications for allocations of tax credits in conformance with state allocation plans
- 10% carryover allocation certifications
- Development cost certifications for new construction or acquisition/rehabilitation
- Assistance with 8609 applications and submissions
- Agreed-Upon Procedures engagements
- Cash flow analysis and forecasts
- Assistance with tenant compliance issues
- Analysis of the impact of having tax-exempt organization ownership
- Analysis of partnership allocations and the implications of IRC 704 and 752
- Year 15 analysis and preservation issues