Services for the Affordable Housing Industry
This section of the CDM website will introduce you to our affordable housing industry scope of services and capabilities.
We currently provide a complete range of services for the financing, construction and operation of multi-family housing projects as well as other services to the real estate industry.
Our services include:
- cash flow verifications for insured low income, single-family and multi-family mortgage revenue bonds
- cost certifications for HUD, state housing finance authorities and other
- HUD and general audits and tax matters of real estate operations
- calculation of low income housing credit and certified historic credit
Our principals and staff members share a commitment to providing excellent and timely service to our clients. It is this precept that has enabled our Firm to dramatically increase our client base in providing services to multi-family financing transactions and developers.
Affordable Housing Services:
- Cash flow verifications for insured low income, single-family and multi-family mortgage revenue bonds. Fannie Mae, the major rating agencies and bond insurers require verification of alternative cash flows for GNMA, FHA and Fannie Mae insured multi-family mortgage revenue bonds for cash flow and security coverage under alternative mortgage take down assumptions. We are the leading firm in the United States in providing this service and have verified more than 1,000 such issues to date.
- Cost certifications. It is a customary practice for HUD, many state housing finance authorities and some commercial lenders to require a cost certification of construction costs to obtain permanent financing. Our professionals have performed various standard cost certifications plus some for mixed-use property that required special allocations of costs between the residential and commercial portions.
- HUD and general audits of real estate operations. We currently audit a wide variety of real estate operations in accordance with generally accepted auditing standards as well as Government Auditing Standards issued by the Comptroller General of the United States and the Consolidated Audit Guide for Audits of HUD Programs. These audits also require the issuance of various compliance reports for HUD, or in some cases for compliance with provisions of loan agreements, and preparation of federal and state tax returns.
- Low income housing credit and certified historic tax credit projects. We have been involved in planning for low income housing credit and certified historic credit projects, and we currently provide tax compliance services for syndicated and private tax credit projects.
Affordable Housing:
We believe CAUSEY DEMGEN & MOORE INC. is the most qualified firm to provide services to the real estate industry for the following reasons:
- Experience, Expertise and Reputation
As summarized above, our experience and reputation in this field is extensive and varied. Our reputation in this area is excellent, and we encourage you to contact any of our clients listed below.
- Cost Effectiveness
It is our policy to hire personnel with at least two years of experience and to assign personnel to engagements having experience in the industry. By utilizing individuals with more experience we are more efficient in the performance of the engagement.
- Turnaround Ability
We pride ourselves on our ability to complete each engagement within the time frame determined mutually with the client.
Affordable Housing: CDM Strengths = Our Partners
- Project Consulting: Jack Blumenthal
- Over 30 years working with real estate clients
- Financial structuring, feasibility studies
- Audit: Tom Ruygrok
- Over 25 years working with real estate clients
- Annual HUD audits, compliance testing, REAC filings, risk assessments, reengineering accounting / reporting practices
- Tax: Doug Page
- Over 20 years working with real estate clients
- Cost certifications; tax compliance and planning for partnerships, corporations, individuals, trusts; representation before IRS
Affordable Housing: Partial list of CDM Clients
Real Estate Audit / Tax Clients:
- BCORP HRT, Inc.
- Denver Housing Authority
- Eagle Financial LLC Partnership Ltd.
- Fenix Redevelopment
- Matrix Investments, LLC
- Van Schaack Holdings
Investment Bankers:
- A.G. Edwards & Sons, Inc.
- Bear, Stearns & Co. Inc.
- Dain Rauscher, Inc.
- Kirkpatrick Pettis
- Lehman Brothers
- M. R. Beal & Company
- Newman & Associates, Inc.
- UBS PaineWebber Inc.
- U.S. Bancorp Piper Jaffray
- William R. Hough & Co.
State Agencies:
- Colorado Housing and Finance Authority
- Florida Housing Finance Corporation
- State of Georgia Housing & Finance Authority
- Nevada Housing Division
- Texas Department of Housing & Community Affairs
Affordable Housing: Next Steps
Contact CDM for more information by email (below) or at (303) 296-2229.
Jack Blumenthal
Tom Ruygrok
Doug Page
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