Photo source: Pexels.com If you are a board member or part of the financial leadership of a nonprofit, the question of how best to handle important organizational documents has probably come up more than once. How long do you keep important records like tax returns and financial statements? What determines how long you need to
Photo source: Unsplash.com On June 22, 2026, the Senate, by a vote of 85-5, passed the 21st Century ROAD to Housing Act (The ROAD Act). The House of Representatives passed the bill the following day by a vote of 358-32 and became law on July 11, 2026. The comprehensive bipartisan legislation is the result of
Photo source of Pexels.com Housing costs in California continue to spiral higher than the rest of the country. The 2026 first-quarter affordability tracker published by the California Legislative Analyst’s Office reports that California home prices continue to be much more expensive than the rest of the US. In the first quarter of 2026, prices for
Image source: Pixabay California Governor Gavin Newsom signed Senate Bill 79 (SB 79) into effect to assist with the housing crisis, specifically near public transit hotspots. How does this affect affordable housing developers? This could be an opportunity to capitalize on a proposed modernization of the eight counties included on the bill. Affected Counties San
Read Time: 5 minutes There are many complications for developers and property managers when responding to changing, unclear or restrictive compliance. According to a recent Affordable Housing Finance article, the hyper-local nature of workforce affordable housing is one of them. Workforce housing meets the needs of people who make too much income to qualify for
As not-for-profit organizations grow, there may come a time when the finance team needs a Chief Financial Officer. Sometimes that person is hired from outside the organization. Sometimes you can promote from within. In our experience with nonprofit accounting consulting, we’ve witnessed a range of priorities at the CFO level. Some new CFOs hit the
As finance executives such as controllers and CFOs navigate risk management, compliance and budgeting for not-for-profit organizations, they are faced with a dilemma: how to manage budget concerns with the demands of the finance role. We know that many not-for-profit and affordable housing organizations maintain a small internal staff to ensure that their organization is
Government and city leaders speak about the need for affordable housing across the country. It is a broad term that has many expectations as well as workable solutions. In this article, we will cover ways to think about affordable housing, but also how government entities, private developers and not-for-profits help to create it. Defining Affordable
Early this year, the National Association of Home Builders (NAHB) outlined a 10-point plan to tame ‘shelter inflation’ in the industry. That is, the rise of average rent and homeownership costs. Inflation is adding to the complexity of affordable housing gaps across the country, which is of major concern to the residential home building industry.
In January 2024, the House passed a bipartisan tax bill that expanded the Low Income Housing Tax Credit. Called the “Tax Relief for American Families and Workers Act of 2024,” the bill restores a temporary 12.5% increase in the LIHTC and supports the use of private activity bonds to finance affordable housing developments. The bill
With national housing at a crisis level, underproducing millions of units annually, public and private partnerships are getting more creative about how to solve this puzzle across the country. Traditional sources of government funding are limited, traditional lending is expensive and institutional investors are pulling back from housing investment. Now, developers and new funders are
Written by Joe Li. Previously published in Multi-Housing News Surplus cash calculation and distribution is one of the most interesting parts of the financial statements of affordable housing entities. It determines the amount of residual cash available to make fees, distributions, ground leasing and deferred loan payments. Surplus cash distribution and the calculation itself are
Developers are seeking new financing methods to rehab and build affordable housing across the U.S. Combinations of public and private financing include traditional federal and state programs paired with venture capital, REITs and also private corporations that want to support and preserve affordable workforce housing in their markets. Affordable housing is comparably recession resistant. This
You may have had a “good” audit, but there is always room for improvement. Use what you’ve learned to your advantage by making improvements in your processes and controls throughout the year. When in doubt, ask your audit team! 1. Don’t wait Don’t wait until your next audit for audit planning. Reach out to your
Congress’ recent spending package offers an increased $4.5 billion to HUD for fiscal year 2023, including a “Yes in My Backyard” (YIMBY) grant program and increased funding for several existing programs. This news may or may not ease concerns among developers about significant project cost increases and funding gaps. A recent article in Affordable Housing
The Inflation Reduction Act (IRA) signed into law by President Biden on August 16, 2022, included an expansion of existing tax credits to promote clean energy generation. One of the credits impacted by the IRA is the business energy credit for solar property under Internal Revenue Code (IRC) Section 48(a)(3)(A)(i). The changes to the IRC
We frequently get questions from affordable housing managers regarding the reconciliation of intercompany accounts and confirmation of balances between business units. Intercompany transactions are not unusual for developers with multiple properties, but they can result in misstatements on the balance sheet without proper internal controls. During the planning phase of an audit, we often identify
For older multi-family housing properties that need rehabilitation beyond what is possible with replacement reserves, developers will seek outside investors interested in tax credits. Introducing Resyndication New private equity players are assembling funds to support these projects and preserve affordable housing, but the project must be large enough to make it worth their investment. Resyndication
Developers in underserved communities will have access to federal passthrough state grants to lower installation costs of broadband internet in new developments and existing multi-family properties. The grants will help finance delivery of free Wi-Fi access to residents. Part of the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), the Broadband Equity, Access, and Deployment Program
Over the coming months, the U.S. Department of the Treasury (Treasury) is conducting webinars and briefings with states, local governments and nonprofit and private sector entities to discuss how State and Local Fiscal Recovery Funds (SLFRF) can be used to expand affordable housing supply. They have also published a how-to guide. New guidance clarifies how
Your resume is your go or no-go qualifier for any job you apply for. Of course, there are others tests to pass once you submit your resume, but the first gate you will need to pass is the resume test. As a prospective candidate, you want to know what you should include on your resume
Board members have a fiduciary duty as stewards of public trust to act in the best interests of the organization that they serve. They lay aside personal interests to focus on ethical oversight of the organization’s mission accomplishments, results of operations and financial position. Nonprofit board members may monitor support and other funding to ensure
Surplus cash calculation and distribution is one of the most interesting parts of the financial statements of affordable housing entities. It determines the amount of residual cash available to make fees, distributions, ground leasing and deferred loan payments. Surplus cash distribution and the calculation itself are important to review during an audit because: Lenders, lessors,
Notice 2022-05 released by the Internal Revenue Service (IRS) on January 10, 2022 provided extensions to various compliance deadlines for low-income housing projects claiming credits under Internal Revenue Code (IRC) Section 42. Prior to the release of Notice 2022-05, the IRS had provided temporary relief in its Notice 2021-12. However, due to the ongoing COVID-19
On December 1, 2021, the Internal Revenue Service (IRS) issued guidance on the minimum 4% low-income housing tax credit (LIHTC) rate. Revenue Ruling (Rev Rul) 2021-20 clarifies when the 4% floor applies to projects receiving housing credit allocations or tax-exempt bonds. Revenue Procedure (Rev Proc) 2021-43 provides safe harbors for determining whether an exempt bond
The Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan funds to small businesses in order to help them pay eligible expenses (payroll costs, mortgage interest, rent, and utilities). These covered loans are to be fully forgiven and not to be treated as income to the loan
Nonprofits have a multitude of compliance standards to juggle, and constructing a comprehensive nonprofit purchasing policy is no exception. Maintaining tax-exempt status requires adherence to very specific behaviors, and written policy should be reviewed periodically to ensure your organization meets or exceeds standards. Under the new procurement standards, all NPOs receiving federal awards must have
S. Scott Seamands, partner at Lindquist von Husen & Joyce, LLP, and Julie Goldfine, COO/CFO at Mutual Housing California, revealed a risk identification matrix currently under development by our firm that serves as an information network for financial learning in the nonprofit affordable housing industry. After years of interviews and discussions with CFOs about their
Since the PATH Act in 2015, no major federal legislation has come about to address massive shortages in affordable housing across the U.S. While the House and Senate introduced many bills since then, legislation seems to die in committee or across the aisle. Much more legislation is enacted at the state level, but we know
An article last fall in the New York Times demonstrated what billions can and can’t do to bring about more affordable housing in a large metropolitan area. It can’t, for example, convince community groups to allow development in their neighborhoods or local government leaders to support it. Money alone also can’t ensure that a deal
