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, we understand the complexities of this environment and the regulatory requirements that public housing authorities and their related entities face. We are experienced in the unique requirements of housing authorities, HUD funded agencies, and the related private sector entities utilized by these organizations.
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, RAD implementation, reduced HUD funding, the overall economic climate, limited financing resources, the merging of authorities, 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 audits and tax credit projects, the nuances of HUD accounting rules, FDS line item classifications, the litany of compliance requirements including SEMAP, VMS, ELOCCS, procurement regulations, and Section 3, and the additional requirements under OMB, including the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly referred to as the Uniform Guidance). We are members of multiple trade organizations and we have been involved in auditing or managing substantially all of HUD’s funding programs.
Just as important as knowing these unique requirements to help guide the Authority on financial and regulatory compliance, our broad range of experience provides 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. This provides authorities with benefits beyond an audit report and additional insights bring a practical approach to addressing financial and compliance issues.
Our professionals are nationally known and recognized as sources of expertise and knowledge on Housing Authority reporting, accounting, and compliance.
- Annual Financial Statement Audits
- Single Audits in accordance with OMB 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 including separate and additional reporting beyond HUD requirements
- Outsourced CFO and accounting services
- Consulting to troubled authorities and work-out/repayment 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
- Construction cost allocation determinations
- Tax Exempt Bond testing
- Eligible Basis calculations
- Year 15 option analysis