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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.


Audit, Tax & Consulting for Community Lending Institutions

AAF provides audit/assurance, 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. The institutions we serve have provided billions of dollars in loans and/or investments in local businesses, affordable housing, and commercial projects in Massachusetts and throughout Northeast United States.


  • Easy to understand, thoughtfully developed audited
    financial statements
  • Regulatory compliance audits focused on risk
  • Review of internal controls for best practices
  • Long term strategic planning insight and advice to improve business operations
  • Analyze financing options to anticipate your changing needs
  • Consult on new initiatives being structured to identify accounting and tax considerations
  • Consult on risk rating policies
  • Calculate financial ratios and provide benchmarking to similar organizations
  • Provide financial and governance training for your Board
  • Advise on upcoming regulatory changes to determine potential impact
  • Assess finance personnel resources and IT system needs


Investment and Loan Portfolios – We advise diverse clients with significant investments and loan portfolios, which give us exposure to 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.

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.

Tax Credits – We remain current with our deep knowledge of all tax credits including: New Markets tax credits, Low-Income Housing tax credits, federal and state Historic Rehabilitation tax credits, and Renewable Energy tax credits. We routinely provide advisory services throughout a project’s life cycle from deal structuring, to tax credit compliance, and assisting with investor exits. Read more. >>

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.

We have earned the respect of diverse stakeholders in the field such as the Housing Partnership Network (HPN), Massachusetts Housing Investment Corp., and BlueHub Capital (FKA Boston Community Capital), along with national organizations such as the Opportunity Finance Network (OFN) and NeighborWorks America (NWA).  We are actively involved with the industry, providing accounting standards updates and promoting best practices for financial reporting by CDFIs through OFN’s Performance Counts program as well as Strength Matters, a group co-sponsored by HPN and NWA providing affordable housing developers with best practices and technical training.

Profit Enhancement Solutions

What our clients say

“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 through the process, stayed on schedule and met all our deadlines.”

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