AAFCPAs partners with community development financial institutions that finance critical projects and drive economic opportunity for low-income communities, small businesses, and nonprofit organizations.
Community Lending Advisory
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.
CDFI Investment & Tax Credit Advisory
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.
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.
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.
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.
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.
CDFI Advisory & Compliance
In addition to best-value assurance and exceptional tax expertise, AAFCPAs provides proactive guidance on areas critical to the success of Community Development Finance Institutions (CDFIs). We offer long-term strategic planning insight to improve operations, advice on financing options to anticipate changing needs, and consultation on risk rating policies. Our team helps evaluate new initiatives to identify accounting and tax considerations and provides analysis through financial ratios and benchmarking. We also offer training for boards on interpreting financial statements and governance, and guidance on upcoming regulatory changes to assess potential impact.
Our tax and compliance services include preparation and guidance for Federal Form 990, unrelated business income tax (UBIT) compliance, comprehensive cost allocation plans, charitable trust returns, and executive compensation disclosures. We specialize in tax credit guidance, 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 debt and rental assistance. Our team provides advisory support throughout a project’s life cycle—from deal structuring and tax credit compliance to assisting with investor exits—and offers tax credit transaction consulting.
Additional services include outsourced accounting and fractional CFO solutions, business performance, internal controls, and IT advisory, as well as institutional investment advice, money management, financial planning and consulting, executive deferred compensation and retirement plan consulting, and succession planning. We also provide fiduciary guidance and investment advisory for employee benefit plan sponsors, along with technical accounting advisory, including implementation of new accounting standards, assistance with complex operational and financial transactions, and audit preparation.
FEATURED WHITEPAPER
Community Development Financial Institutions (CDFIs) occupy a unique position in capital markets, deploying flexible, mission-aligned financing tools to underserved borrowers who lack access to conventional capital.
This whitepaper addresses a central question: Under what circumstances may a CDFI classify financing instruments as an equity instrument rather than debt on its financial statements?
Drawing on ASC Topic 480 (Distinguishing Liabilities from Equity), ASC Topic 815 (Derivatives), ASC Topic 810 (Consolidation), and broader GAAP principles, the whitepaper provides a structured analytical framework, decision trees, and practical guidance for evaluating preferred equity classification.
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 throughout the process, stayed on schedule and met all our deadlines.
Our Advisors
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AAFCPAs celebrates the many nonprofits that enrich our lives by committing to donate 10% of our net income annually back to nonprofits.
– Carla McCall, AAFCPAs Managing Partner“Our impact does not come from a single initiative; it comes from hundreds of people who show up each day with curiosity and a commitment to making things better.”
CONTACT US
Every situation is unique. We look forward to speaking with you to determine how we may best solve your needs.
