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Affordable Housing

Deal Funding: Deferred Developer Fee Is Only One Solution

January 20, 2023   |   Posted in: Affordable Housing, Not For Profit

Modern affordable housing complex.

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 Finance noted that developers are relying on “partners at all levels” to make new deals ... more

Tips to Avoid Misstatements in Affordable Housing Intercompany Transactions

October 10, 2022   |   Posted in: Affordable Housing, Not For Profit

Multiple colors of acrylic paint swirled together.

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 intercompany transactions as an area of ... more

How Does Resyndication Work For Affordable Housing?

September 27, 2022   |   Posted in: Affordable Housing, Not For Profit

Ladders and remodeling supplies at a build site.

  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. 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 is one way to expand the scope of the deal, specifically by ... more

New Broadband Access Grant Program for Affordable Housing

September 09, 2022   |   Posted in: Affordable Housing, Not For Profit, Timely News

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 (BEAD) offers $100 million (minimum) to each state ... more

Due for an Audit? Identify Issues Sooner Not Later

May 20, 2022   |   Posted in: Affordable Housing, Business Advisory Services

Small Business Woman Making a Purchase

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, sponsors and investors eligible to receive surplus cash ... more

Update Your CTCAC Compliance Forms

May 20, 2022   |   Posted in: Affordable Housing, Timely News

The California Tax Credit Allocation Committee (CTCAC) has published updated versions of almost all forms for low-income housing tax credit (LIHTC) compliance. Owners and management agents have through December 31, 2022 to implement use of the new forms. The CTCAC will not accept use of modified or previously approved forms — or modifications or changes to the new forms. Effective January 1, 2023, use of any outdated or modified versions of ... more

New IRS Guidance: Non-Deductibility of Expenses Paid with PPP Loans

December 03, 2020   |   Posted in: Affordable Housing, Not For Profit, Tax Laws, Timely News

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 recipients as long as the loans are used to pay eligible expenses.    While it was clear that a ... more

Nonprofit Purchasing Policy Considerations

November 23, 2020   |   Posted in: Affordable Housing, Not For Profit, Tax Laws

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 a written procurement policy that outlines ... more

Pandemic Heightens Sustainable Affordable Housing Efforts

September 14, 2020   |   Posted in: Affordable Housing, Not For Profit

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 that new affordable housing can be a tough sell at the   neighborhood level. There is still a public perception that ... more

How Affordable Housing Really Happens: Finance + Community

August 25, 2020   |   Posted in: Affordable Housing, Not For Profit

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 is properly structured to support sustainable affordable housing. Citing efforts by tech giants Apple, Google and ... more

SBA Revises Forms for PPP Loan Forgiveness, Including New EZ Form

July 06, 2020   |   Posted in: Affordable Housing, Not For Profit, Timely News

The Small Business Administration (SBA) has issued a revised Form 3508, Paycheck Protection Program (PPP) Loan Forgiveness Application.  The SBA also released a streamlined PPP Loan Forgiveness Application, Form 3508EZ.  The newly issued application forms were needed to address the changes brought upon by the PPP Flexibility Act (PPPFA) of 2020. Form 3508EZ This new three-page form reduces the documentation and calculations required to apply ... more

Affordable Housing FAQ Resource for Multifamily Landlords and Managers

May 14, 2020   |   Posted in: Affordable Housing

  The coronavirus pandemic has created a disruption to the housing market. Many multifamily and affordable housing landlords and managers are seeing missed rent payments as tenants are losing income. Even if tenants are paying there is an uncertainty around whether or not they will be able to continue. In many markets, evictions are not lawful at this time, even for nonpayment of rent. As a result, there are efforts to provide assistance ... more


Recent Posts

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  • Deal Funding: Deferred Developer Fee Is Only One Solution
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  • Business Energy Credit Impacted by Inflation Reduction Act

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