One of Bowman’s largest client segments is in the little-known field of affordable housing development. Our firm is acknowledged as a leading provider of audit and tax services to affordable housing developers in California. We have significant experience with tax credit developments, and work closely with properties that are financed with tax-exempt bonds, many types of federal loans, and local secondary financing.
Affordable housing developers have special needs when it comes to auditing and tax services. Those involved in these programs know that there is a significant interrelationship between the project developers, syndicators, lenders, and property managers. Each one of these stakeholders has particular needs when it comes to accounting. Your Bowman team is well equipped to handle the challenges of this vital segment of the real estate community. Our audit and tax teams are knowledgeable about the applicable program rules, and are ready to work within those rules to help developments succeed.
Our firm has been involved in affordable housing developments since before the advent of the modern tax credit-driven system. Our ongoing involvement with the California Council for Affordable Housing helps to keep us at the forefront of developments in the law. We understand the ins and outs of the tax credit program, knowing the nuances of the rules that enable developers to maximize their qualified basis, and deliver a steady stream of credits to investors. Our audits are designed to not only ensure that results are fairly stated and adequate internal controls are in place, but also provide helpful recommendations and assistance to management companies to ensure optimal project results.
The government programs that support this investment are designed to ensure that the nation’s affordable housing stock continues to expand. We are proud to say that we have been involved with hundreds of projects, through every stage—from the pre-construction and construction phase, through the operating period, to the disposition and re-syndication of projects. We have the experience to work with new construction and rehabilitation projects, and are acquainted with the program rules throughout the western United States.
Some of the financing structures where we have significant experience include:
- Section 42 federal (and state) tax credits
- HUD loans
- Section 8 rental assistance
- Rural Housing Service loans
- Tax-exempt bond financing
- California Housing and Community Development and California Housing Finance Agency loans.
We’re proud of our work in helping thousands of families live in decent, safe, affordable housing. It’s one practice niche that enables us to give back to our community, and we are honored to have a critical role in the delivery of services to this sector of the population.