Affordable Housing
Transactions, tax, audit and advisory services for multifamily housing developers, owners and investors.
Affordable Housing
Let’s build the future of housing, together.
Success in the housing industry requires a deep understanding of complex real estate transactions, a passion for supporting the goals of community stakeholders and a commitment to the financial and operational health of your organization in an increasingly regulated environment.
For-profit and not-for-profit developers, housing authorities, property managers, state housing credit agencies, syndicators, and lenders rely on our real estate development and transaction expertise to build and maintain many types of rural and urban housing communities throughout the country, including:
- Affordable
- Workforce
- Market rate
- Public
- Senior
- Student
- Tribal
Services for housing clients
Organizational and management advisory
- Goal setting and facilitation
- Organizational strategic planning and performance management
- Process improvement and documentation
- Technology and system assessment and implementation
- Succession planning and institutional knowledge transfer
- Organizational design and staffing studies
- Executive coaching
- Salary studies, pay equity and classification analysis
Planning, analysis and development strategy
- Community and housing needs assessments, Plans/PHA 5-year plan, HUD consolidated plans, development strategies and impact dashboards
- Housing market studies
- Economic development strategies – economic conditions and economic impact analysis
- Public housing portfolio analysis
- Rental Assistance Demonstration (RAD) conversion
- Section 18 conversion
- Housing and mixed-use site selection and reuse strategies, planning, implementation
- Redevelopment advisory, mixed use and housing strategy, sites reuse
Organizational finance
- Bond issuance and related services
- Public sector incentives
- Fiscal sustainability studies and comprehensive financial planning
- Capital improvement cash flow forecasting
- Budget, financial management and accounting
- HUD federal funding support
- Assurance, external financial statements
- Internal audit – risk assessments, financial operational, performance, compliance, IT
Project finance and acquisitions
- Low-Income Housing Tax Credit (LIHTC) consulting and applications
- Mixed finance transactions and multilayered capital structures
- Project financial due diligence, modeling and financial feasibility
- Funding partner guidance criteria, solicitation, evaluation and selection
- Other tax credits and incentives
- Negotiated credits and incentives
Development and construction
- Design team management and value engineering
- Construction risk management and auditing
- Entitlement, zoning and permitting assistance
- Regulatory compliance management
- Program and project delivery consulting
- Owner’s representation services
- Program/project controls (budget, schedule, QAQC, document controls)
- PMO mobilization and PMP development consulting
- Architect and design team procurement advisory
- Construction partner procurement advisory
- Change order management
- Construction draw management
- Management of owner fixtures, furniture and equipment
- Recovery planning and claims mitigation
Management and disposition
- Construction contract closeout management
- Construction audit
- Coordinate owner occupancy logistics
- Asset management
Conceptualization to completion
Our affordable housing consultants can help you minimize risk and optimize your development opportunities, guiding you from initial project conceptualization to completion and helping you with:
- Tax credits and other project financing
- Development advisory
- Opportunity Zone strategy consulting
- Transaction advisory services
- Housing market and impact studies
- Repositioning advisory services
- Tax, assurance and accounting services
- Outsourced accounting/accounting and finance services (AFS)
- Real estate valuation and valuation of partnership interests
- Regulatory compliance and reporting
- Construction risk management
- Cybersecurity and IT risk advisory
- LIHTC year 15 exit planning
- Corporate renewal and turnaround services
- Cost certifications for HUD and Section 42 tax credit projects
Funding your project
With a broad range of state and federal programs at the center of many housing projects, long-term success in the arena depends on your ability to secure these scarce resources as well as adhere to a host of reporting and regulatory obligations.
Our engagements are led by practice leaders and team members who are on the cutting edge of new housing programs and have the proven deal experience, technical expertise and creativity necessary to route the complex interplays among all financial stakeholders. Our experience includes:
- Low-Income Housing Tax Credits
- Tax-exempt bonds and various taxable debt
- Federal Home Loan Bank AHP
- Federal and local grant programs
- Public Housing Mixed Finance
- Historic Tax Credits
- Energy tax credits
- Opportunity Zones
- Capital Magnet Fund
- New Markets Tax Credits
What the One Big Beautiful Bill Act means for LIHTC
Discover how the One Big Beautiful Bill Act reshapes affordable housing through key reforms to the Low-Income Housing Tax Credit.
Advancing sustainable development through LIHTC innovation
New Year Investments, a woman-owned developer in Madison, partnered with Baker Tilly to lead a sustainable redevelopment of the Triangle neighborhood. Through HUD repositioning and LIHTC structuring, the team secured $1.2 million in state tax credits to replace aging public housing with vibrant, community-focused homes.
Repositioning Advisory Services
Baker Tilly’s experienced Public Housing Authority specialists provide strategic HUD program application assistance, RAD consulting and strategy services, as well as various other public housing repositioning solutions.
Our commitment to underrepresented developers
We realize the barriers to entry for underrepresented developers, which is why we are committed to leveraging our knowledge, relationships and capital to help level the playing field in the affordable housing industry. Whether you have undeveloped land and are exploring the possibility of real estate or this is your first solo development project, we’re here to provide the resources needed to navigate the hurdles you face. From securing funding and closing on financing, to the management and stabilization of a full development, you can count on Baker Tilly throughout the process to provide support, creative solutions, and to be actively invested in your short-term and long-term growth and success. Let’s build equity from the ground up, together.
From an investor limited partner perspective, I was very impressed with Baker Tilly’s commitment to providing excellent customer service. Though my company was not responsible for engaging Baker Tilly for their services, they understood the impact and importance of the cost segregation results on the investor limited partner. They could have easily submitted one draft and pushed to finalize the report, but instead they revisited the scope of the work and investigated some new aspects of the information provided and were able to produce results that really helped the investor. They did this for no additional fee but incurred additional time and effort to help meet our needs.Low-income housing tax credit syndicator
Featured case studies and insights
Featured services and related industries
Real Estate Advisory Services
Baker Tilly’s real estate advisory services are designed to help leaders across various industries and communities with their ever-changing real estate and infrastructure needs.
Development Advisory
Guiding clients through development projects from conception to completion.
Repositioning Advisory Services
Baker Tilly’s experienced PHA team provides HUD program application and RAD consulting and strategy services along with other public housing repositioning options.
CFO Advisory Services
Baker Tilly provides critical CFO advisory services and support to financial leaders, business owners and investors that meet the unique challenges, complexities and the ever changing environment the office of the CFO faces.
Corporate Renewal & Turnaround Services
Baker Tilly works with companies to design and execute a comprehensive turnaround plan to help mitigate risk and improve operations during an economic downturn.
Cost Segregation
Individuals and companies that build, purchase, remodel or expand any kind of real estate can benefit financially from using cost segregation.
Cybersecurity
We provide cybersecurity services to maximize the confidentiality, integrity and availability of your critical information assets and reduce cyber risk.
ESG & Sustainability
Leading in specialties including compliance, reporting, risk, controls, assurance, decarbonization strategy development and technology consulting, we provide comprehensive environmental, social and governance (ESG) and sustainability advisory that spans solutions for any company, function or challenge.
Federal Tax
Baker Tilly offers specialized federal tax management services including compliance and planning expertise to help businesses optimize value while minimizing their tax burden.
Financial Statement Audit
Baker Tilly marries technology with the extensive experience to provide clients with an innovative financial statement audit service.
Historic Tax Credits
The trend to revitalize historic buildings nationwide is becoming more prevalent with the availability and value of Historic Tax Credits.
Incentives Advisory
Every year, state and local governments across the United States invest billions of incentive funding into private businesses. Taking advantage of available incentives programs can fill financing gaps and turn planned projects into a reality.
Inflation Reduction Act Tax Credit Solutions
The Inflation Reduction Act (IRA) includes the largest clean energy incentive effort in U.S. history. Find out how your organization can leverage IRA energy tax credits to save as much as 50% or more on qualifying project costs.
New Markets Tax Credits
Leading your project through the competitive New Markets Tax Credit financing process.
Opportunity Zones
A powerful tax incentive for real estate investors, venture capital, private wealth, family offices and private equity.
Project Finance
We take a comprehensive view of available federal, state and local tax credit and incentive programs and loan programs when developing a project’s capital stack.
Real Estate Valuation Services
Our accurate and reliable real estate valuation services paired with strategic advisory encompass the entire transaction life cycle.
Real Estate Services for Family Offices
Real estate portfolio services for family offices and high-net-worth individuals.
Site Selection & Location Strategy
From initial business planning to final site selection and incentive procurement, we guide companies through every stage of the decision-making process — helping them determine where and how to invest in real estate, workforce and related assets to ensure long-term operational success.
Healthcare
Baker Tilly helps healthcare organizations address today’s challenges while planning for what’s next through a coordinated approach across the healthcare ecosystem.
Manufacturing
Providing manufacturing consulting solutions to help businesses reduce risk and improve efficiencies across the supply chain.
Not-for-Profit
Drive your mission forward with Baker Tilly's not-for-profit navigators.
Senior Living
Empowering senior living organizations through strategic solutions designed to drive performance and long-term success.
Real Estate
Innovative real estate consulting, tax and assurance solutions for developers, owners, investors and property managers.
We rely on Baker Tilly’s breadth of experience to deliver services beyond audit and tax. They consistently add value through cost segregation studies, market studies, project consulting and more.Brett Oumedian, Controller, Cinnaire
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