Sobel & Co. LLC,  accounting firm livingston,  accounting firm livingston

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Low Income Housing Tax Credit

SobelCo’s typical recurring professional services for partnerships involved in low income housing tax credit (LIHTC) projects include annual audits and preparation of partnership Federal and State tax returns. We can also prepare the Federal and State tax returns for the general partner.

Specialized Training, Education and Certification

  • SobelCo’s team members have enrolled in LIHTC syndication courses at New York University to better understand the unique features associated with these types of transactions
  • Team members regularly attend New Jersey Housing Mortgage and Finance Agency (NJHMFA) training and symposiums, including allocation plans and annual meetings with syndicators
  • We report on financial statements for clients who utilize low-income housing tax credit financing. SobelCo has also completed audits of eligible basis in accordance with NJHMFA rules and regulations.

Specialized Areas

  • 10% Test Auditors’ Report
  • 15-Year ProForma Operating Projections
  • Internal accounting control and procedural reviews
  • Cost containment and control review of expenditures
  • Review of compliance with Internal Revenue Code (IRC) Section 42 issues, including but not limited to, tenant files, tenant certifications, tenant re-certifications, and more
  • Review of financial reporting adequacy for the project
  • Review of specific accounts and assistance with coordinating collection of receivables from governmental agencies
  • Tax strategies for projects coming out of their 15 year tax credit compliance period

Cost Certification - An audit of the breakdown of construction and development costs and eligible basis for the partnership when the project is completed. Such audit would be performed in conformity with accounting practices prescribed by the NJHMFA. We will also coordinate our efforts with the client’s LIHTC consultant and/or syndicator to ensure full inclusion of costs and agreement among all parties.