Leaf & Cole, LLP
Leaf & Cole, LLP
Certified Public Accountants
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Affordable Housing

Affordable Housing

Leaf & Cole, LLP. was founded in 1959 and today is one of the largest single office accounting firms in San Diego. The San Diego region has a long history with affordable housing dating back to the 1960s and 1970s, and Leaf & Cole, LLP has been there along way as Section 236 projects were refinanced with Section 241(f) loans.  As the industry has evolved, so has Leaf & Cole, LLP. Today we provide accounting and auditing services to a variety of affordable housing projects including:

  • Low-Income Housing Tax Credits (LIHTC)

  • Housing and Urban Development (HUD) Assisted Projects

  • California Housing Finance Agency (CalHFA) Assisted Projects

  • California Department of Housing and Community Development (HCD)

  • Not-for-Profit Projects

  • Profit-Motivated Projects

Our high ratio of partners to our professional staff allows us to better anticipate clients' needs. The value we add is rooted in our high quality of service and is measured objectively by the continued success of our clients.

We firmly believe that effective and efficient client service depends on the strength of the engagement team. Key factors of that strength include the availability, responsiveness, experience and commitment of the team members. Our team approach to client service provides increased availability, quicker responsiveness, greater experience and an unsurpassed commitment. The partners of Leaf & Cole have made a strategic commitment to devote top quality talent and the resources necessary to ensure that the firm is viewed as a leader for accounting professionals in the Affordable Housing Industry. Our Affordable Housing practice is charged with keeping our clients and our own professionals informed of significant developments affecting the Affordable Housing Industry. This is accomplished through participation in related associations, conferences, continuing education and special programs. We are proud of our commitment to staying abreast of emerging issues and providing our clients with timely reports.

Our experience in the affordable housing industry is not limited to auditing financial statements.  We provide a wide range of services including the following:

  • Financial Statement Audits

  • Audits in Accordance with Government Auditing Standards

  • Single Audits Under OMB’s Uniform Guidance

  • Reporting on Internal Control

  • Reporting on Compliance with Laws and Regulations

  • Residual Receipts Calculations

  • Tax Planning, Compliance and Research

  • Low-Income Tax Credit Certifications

  • Cost Certifications

  • Site Compliance

Affordable housing entities can be structured in many different ways.  Some are structured as nonprofit entities, while others may be for-profit. Many are partnerships which may or may not include nonprofit partners.  The team at Leaf & Cole, LLP has the experience to help you navigate the related tax issues including, but not limited to:

  • Income Tax Credits

  • Historical Tax Credits

  • Entity Formation

  • Business Interest Limitations