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CDFIs

AAFCPAs is deeply rooted in the industry, providing valuable solutions for those lending institutions that are financing critical projects and driving innovation benefiting low-income communities, small businesses, and various nonprofit agencies.

CDFIs

Audit, Tax & Consulting for Community Lending Institutions

AAFCPAs provides audit, tax, and advisory services to community development financial institutions (CDFIs), affordable housing developers, community development corporations (CDCs), tax credit syndicators, commercial real estate development projects, and other nonprofits operating in the industry. Our experience extends to a wide variety of community-oriented lenders supporting the sector, including: quasi-public agencies, and other specialized lending organizations. The institutions we serve have provided billions of dollars in loans and/or investments in local businesses, affordable housing, and commercial projects throughout the United States.

AAFCPAs is deeply rooted in the industry, providing valuable solutions for those lending institutions that are financing critical projects and driving innovation benefiting low-income communities, small businesses, and various nonprofit agencies.

Primary Reasons CDFI Clients Appreciate AAFCPAs

Investment and Loan Portfolios – We advise CDFIs with significant investments and loan portfolios, giving us expertise with various types of investment vehicles and loan products. We audit complex financing structures, including those that leverage conventional financing with various tax credits.

Valuation/Impairment of Investments/Loans – We are experienced with valuation methods used in assessing and accounting for community investments, as well as loan impairments in accordance with the provisions of applicable accounting standards.

Tax Credits – AAFCPAs’ professionals are specialists in tax credit-based financing used widely in the community development industry, including: New Markets tax credits, Low-Income Housing tax credits, federal and state Historic Rehabilitation tax credits, Renewable Energy tax credits, and projects that combine tax credits with various levels of debt and rental assistance subsidies. We routinely provide advisory services throughout a project’s life cycle from deal structuring, to tax credit compliance, and assisting with investor exits.

GAAP Requirements – We have extensive knowledge of accounting requirements unique to the industry, including FASB and GASB requirements applicable to real estate development, lending organizations, complex grant and contract arrangements, consolidating financial statements and much more. We stay ahead of ever changing rules, such as revenue recognition and current expected credit loss (CECL). We help you understand and manage the impact of new accounting pronouncements on your business.

Specialized Training – We provide specialized training and technical assistance specifically for your industry. We have presented a series of financial management workshops customized to include topics such as: budgeting, implementing financial and performance measurement systems, and asset management. We also lecture frequently on aspects of the tax credit financing programs and related requirements.

In addition to best-value assurance and exceptional tax expertise, AAFCPAs provides proactive guidance on areas critical to the success of community lending institutions, including:

 

“BlueHub Capital has been very pleased with our relationship with AAFCPAs for over a decade. Their audits of us have been very thorough and rigorous, but they prepared early and thoroughly for them, communicated clearly and frequently throughout the process, stayed on schedule and met all our deadlines.”

BlueHub Capital (FKA Boston Community Capital) | DeWitt Jones, Executive Vice President