Tax Credit Services

Low Income Housing Tax CreditOur industry-focused professionals understand the complex nature of the affordable housing real estate environment.  We specialize in audits financed by the U.S. Department of Housing and Urban Development (HUD), and Low Income Housing Tax Credit (LIHTC).  Geltrude is also highly experienced in the cost certifications for newly constructed or rehabilitated HUD and IRS Section 42 properties.

Our integrated approach analyzes every aspect of a real estate transaction along with how each issue affects the business and owner objectives. In a world that is as complex as real estate, Geltrude can help you make sound business decisions to help you achieve your objectives.  Geltrude has dedicated professionals who are passionate about helping our real estate clients succeed.

The Low Income Housing Tax Credit (LIHTC) is a form of indirect federal subsidy established to encourage and finance new construction and rehabilitation of existing housing for low-income households. This federal income tax credit, administered by the states, is available to qualifying project owners for a 10-year period, in addition to any assistance received through HUD’s multi-family assistance programs. To qualify for the LIHTC, project owners must comply with the program’s requirements for a 15-year period.

LIHTC Services include:

  • Project Projections
  • IRS Section 42 cost certification and carry-over allocations
  • Eligible vs. Non-eligible basis analysis
  • Accounting for building and construction costs
  • Tax credit computation
  • Rehabilitation (historic) tax credit computation
  • Audit, Review and Compilation reports
  • Corporate and partnership tax return preparation
  • Compliance testing of low-income tenants
  • HUD financial reporting and disclosures
  • Review of complex partnership income tax issues
  • Electronic filing of Real Estate Assessment Center (REAC)
  • Electronic filing of SF-SAC data collection forms
  • Mortgagor’s certification of actual costs

Our Experience includes:

  • Housing and Urban Development (HUD) sponsored programs
  • Low Income Housing Tax Credit (LIHTC) projects
  • Syndicated tax credit properties
  • Federally funded projects
  • Multi-family developments
  • Housing authorities
  • Senior housing
  • Federal and state voucher programs
  • State funded programs

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