Cost certification and financial review
Our team provides cost certification and financial review services designed for affordable housing projects.
Verify Project Costs. Support Funding. Keep Your Affordable Housing Project Moving.
Affordable housing projects often involve multiple funding sources, construction expenses, tax credits, lenders, and regulatory requirements. When a project reaches a cost-certification or reporting milestone, accurate documentation matters.
Our team helps developers, owners, sponsors, contractors, and housing organizations review project costs, organize supporting documentation, and prepare cost certifications for applicable programs.
Project costs may need to be reviewed and supported before funds are released, financing is finalized, or program requirements are satisfied.
Our team provides cost certification and financial review services designed for affordable housing projects.
Our goal is to help project stakeholders establish a clear, organized financial record supporting applicable project costs.
Our services include:
Cost certification is a formal review of project financial information and costs. For certain HUD-supported programs, including specified Housing Trust Fund circumstances, a CPA-performed certification may be required to show that costs are documented, necessary, and reasonable. Exact requirements depend on the program, financing structure, funding source, and applicable agreements.
Our team helps organize the financial information needed for the applicable certification process.
We bring project transactions into a structured view of total costs and reconcile available records to help establish a reliable cost history.
We reconcile project records and supporting documentation to help establish a reliable cost history. Procedures depend on the project and certification requirements.
A structured process can give developers, owners, contractors, lenders, and agencies a common financial record: Project Accounting → Cost Review → Documentation → Reconciliation → Certification.
Construction is often the largest cost in an affordable housing development. We can review contractor, subcontractor, and related construction records.
HUD-insured and certain Section 202/811 projects can have specific certification rules. Program documents determine the procedures; the same requirements do not apply to every project.
Eligible basis generally includes qualifying construction, acquisition, and rehabilitation costs, subject to applicable tax rules. We help organize project-cost records used in LIHTC documentation.
HTF-assisted projects can require a CPA-performed cost certification showing costs are necessary and reasonable, plus records of the source and application of funds.
We help stakeholders see how the total development budget is composed: acquisition, construction, soft costs, financing, development, and other eligible project costs.
Cost certification works better when project records agree. We compare information from multiple sources and help identify differences that need documentation or clarification before certification is completed.
Preparing project records early can make the final certification process more organized. Our audit-preparation support can include:
Review project accounting information and significant accounts.
Organize project costs into appropriate categories.
Organize invoices, contracts, payment records, and other supporting documents.
Compare project expenditures with available funding sources.
Organize contractor and subcontractor cost information.
Preparing project records early can make the final certification process more organized. Our audit-preparation support can include:
Review project accounting information and significant accounts.
Organize project costs into appropriate categories.
Organize invoices, contracts, payment records, and other supporting documents.
Compare project expenditures with available funding sources.
Organize contractor and subcontractor cost information.
Our services can support the organizations below. Exact certification requirements depend on the project's financing structure and program documents.
We organize construction, development, financing, and other project costs.
We help organize financial records and supporting documentation for the applicable certification.
We review contractor costs, subcontractors, change orders, draws, retainage, and project accounting.
We help compare project expenditures with the funding sources used to finance the development.
Our approach follows a clear process from project records through reconciliation and certification support.
When a project has multiple funding sources and stakeholders, we help bring the financial information into one organized record.
Incomplete records or missing support can slow certification. We help developers, owners, sponsors, and other stakeholders organize project costs, reconcile financial information, and prepare documentation for applicable certification requirements.
Affordable housing cost certification is a formal examination or certification of project financial information and costs required under certain housing programs, financing arrangements, or agreements.
Cost certification can provide documented support for project costs and may be required before certain funds are released, financing processes are completed, or program requirements are satisfied.
A HUD cost certification is a certification of applicable project costs under certain HUD programs. HUD has specific cost-certification guidance for applicable HUD-insured and multifamily housing projects.
No. Requirements vary by program, funding source, financing structure, project type, and applicable agreements.
Depending on the engagement, costs may include acquisition, construction, contractor and subcontractor expenses, professional fees, financing costs, development costs, reserves, and other project-related expenditures.
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