Public Housing Authorities and Nonprofit Housing Entities
Public Housing Authorities (PHAs) and their related organizations, including development corporations, tax credit projects, component units, and nonprofits, require a unique and specific set of services. At Rubino & Company, Chartered, we understand the complexities and regulatory requirements that public housing authorities and these related entities face. We are experienced in the unique requirements of housing authorities and HUD funded agencies.
Rubino & Company provides a wide range of services to assist public housing authorities with the challenges today’s ever changing regulations and programs present. In addition, reduced HUD funding, the overall economic climate, limited financing resources, and privatization options bring even more complexity, options, and opportunities that need to be considered when making both daily operational and long-term strategic decisions about the direction of the Authority. We are recognized nationwide for our expertise and leadership in the affordable housing industry. At Rubino & Company, we are committed to identifying and implementing solutions to the challenges that affect public housing authorities and related entities.
Our professionals are experts in guiding our clients through the processes of the various program requirements. We assist our clients in identifying and correcting compliance issues and can help prepare responses to HUD-related issues to alleviate compliance concerns. We are well-versed in the requirements for annual REAC submissions, State level Finance Authority reporting for tax credit projects, the nuances of HUD accounting rules, the litany of compliance requirements including SEMAP, VMS, ELOCCS, new procurement regulations, and Section 3., And the additional requirements under OMB, including the new uniform guidance which is replacing the single audit. . We have been involved in auditing or managing substantially all of HUD’s programs.
Just as important as knowing all these unique requirements to help guide the Authority to stay in financial and regulatory compliance, because of our broad range of experience, we provide you with the ability to step back and see the bigger picture. The affordable housing environment is changing dramatically with programs such as RAD, the merging of smaller authorities, and privatization of affordable housing. We have the experience and knowledge of resources to help Authorities answer the tough strategic questions about the future of the agency and consider the best options given the availability, or lack thereof, of HUD approvals, funding resources, development partners, and local restrictions.
Because we have worked both externally as auditors and internally as outsourced CFO’s, we bring a unique and practical perspective to the issues affordable housing entities face and this knowledge can be applied to each Authority’s individual situation.
Our professionals are nationally known and recognized as sources of expertise and knowledge on Housing Authority reporting, accounting, and compliance.
- Annual Financial Statement Audits
- OMB Audits including single audits and audits under the uniform guidance
- Year-end closings and assistance with REAC submissions
- Component unit audit and tax services including development corporations, tax credit projects, and nonprofits
- Cost certification audits for tax credit projects
- Other regulatory reporting to state housing finance agencies
- Outsourced CFO and accounting services
- Consulting to troubled authorities and work out agreements with HUD
- Consulting on RAD implementation
- Transaction/entity structuring
- General financial and compliance consulting
- Tenant file reviews
- Property management compliance implementation
- Tax credit application assistance