D’Arcangelo & Co., LLP has been servicing affordable housing clients for over 40 years. We help them achieve their goals of housing people and families of limited means by providing cost effective audit, tax, and consulting services to for-profit as well as nonprofit entities.
We have the experience and expertise to guide our clients through the myriad of federal, state and city programs; helping them to maintain compliance and take advantage of all the opportunities these programs offer. We offer all the standard financial services, including:
- Financial statement audits
- Tax returns
- Internal control reviews
- Consulting on many different areas of the affordable housing industry
We help our clients navigate the complex rules and regulations from the inception of the affordable housing project to full operations and to eventual sale or exchange, should circumstances dictate.
Our experience with the federal Low-Income Housing Tax Credit program allows our clients to meet all of their goals and objectives. Most importantly, they fulfill their desire to provide the necessary housing for the qualified residents while maximizing the benefits to all parties.
We assist our clients in complying with the intricate Internal Revenue Code Section 42 regulations, including the 10% carryover allocations, project cost certifications, state GAP analysis, and all aspects of the tax credit program. We help our nonprofit sponsor clients maximize the highly regulated developer fees and ensure compliance during all phases from construction through operations. We provide further guidance to our nonprofit clients and the project investors during the eventual transition of the property after the 15-year compliance period.
We offer all of the required services associated with HUD, including:
- Cost certifications
- Annual audits
- REAC compliance
- Consulting for any of the HUD housing programs
In addition, we offer Board governance consulting to enable the Boards and owners of these projects to monitor the complex rules and regulations and institute the internal control structures necessary to operate the affordable housing entity efficiently and effectively.