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Affordable Housing / Low Income Housing Tax Credits (LIHTC)

Dixon Hughes Goodman takes care to deliver the highest quality Certified Public Accounting services and business solutions that directly contribute to the goals and success of our clients in the affordable housing industry. Our firm performs engagements regionally and nationally through its affiliation with Praxity, AIBSL.

The affordable housing industry has experienced a drastic restructuring of many of its programs. Owners, developers, and investors are taking advantage of opportunities by preserving, constructing, and rehabilitating affordable housing developments throughout the nation. Taking full advantage of these opportunities including Low Income Housing Tax Credits (LIHTC) requires careful evaluation, coordination and planning from inception to disposition.

We ensure that virtually every service and deliverable we provide meets or exceeds the quality standards of our clients. Our experience includes:

  • Basic portfolio understanding, management and documentation
  • Appropriate and special accounting treatment and classifications for their deals
  • Calculation of Net Investment Balances
  • Impact of EITF 94-1, FIN46(R), FAS 144 (Impairment), FAS 157/159 (Fair Value), FAS 160 (Non-Controlling Interest)
  • 10Q and 10K preparation
  • LIHTC accounting

Outsourcing Success Story

Low Income Housing Tax Credits

  • Client: A large tax credit investor over $8 billion in Low Income Housing Tax Credit (LIHTC) investments.
  • Need: The client was engaged in a major restatement of its Financials as the result of new accounting rules, policies and standards. Specifically, it lacked accountants with sufficient industry knowledge and expertise to employ the new guidelines across its investment portfolio.
  • Reason: The client needed specialized industry knowledge to properly account for its investment portfolio.
  • Capabilities: The client sought a partner that could deliver the highest Accounting services and business solutions that would contribute to successfully accounting for its LIHTC portfolio including the new accounting rules and guidance issued by the Financial Accounting Standards Board.
  • We Provided: Dixon Hughes Goodman developed a strategy that included both accounting and Sarbanes-Oxley compliance for these investments. Dixon Hughes Goodman was involved and developed a broad-based accounting plan and deliverablesthat included:
    • Analyzing each investment
    • Creating customized software to process the accounting for these investments
    • Developing and producing monthly and annual reports utilized by management
    • Maintained SOX compliance for entire process
    • Prepared both 10Q's and 10K for client
  • Results: The client is currently utilizing a new accounting system that processes its accounting successfully because of Dixon Hughes Goodman's engagement. Coupled with Dixon Hughes Goodman ensuring the client was compliant with SOX, the client now has a proven method for its accounting and internal controls in its LIHTC business unit.

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Our Offerings
  • Enterprise-Wide Risk Assessment
  • Performance Improvement
  • Benchmarking
  • Industry Specific Consulting Services

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