NEW YORK, NY--(Marketwired - Jan 14, 2015) - Accounting firm Marks Paneth LLP, in response to growing demand from the affordable housing industry, has expanded their team of qualified professionals within the firm's real estate group to help affordable housing developers and owners meet the requirements for and realize low-income housing tax credits. Some 30 professionals at Marks Paneth now have this expertise, including a number who have Housing Credit Certified Professional (HCCP) certification.
The Low-Income Housing Tax Credit (LIHTC) program was part of the Tax Reform Act of 1986 and provides incentives to developers and owners utilizing private capital to develop affordable housing for low-income Americans. Since its inception, the program has stimulated the production or rehab of nearly 2.4 million affordable homes in the U.S.
Computation of the allowable tax credit and staying in compliance with the program is a complex, multi-year undertaking. And the fact that most affordable housing developers, owners and professionals opt to sell the credits to banks or other institutions creates another level of requirements, according to William H. Jennings, Partner-in-Charge of Marks Paneth's Real Estate Group.
"We have been helping clients with low-income housing tax credits since 1986. In recent years we have redoubled this commitment as the affordable housing industry in the New York area has grown even more robust and the tax credit compliance challenges have, naturally, increased in complexity," Jennings said. "Our clients appreciate our expanded team's expertise and qualifications, and we are committed to building on those."
For more information and/or to speak with William Jennings, please contact Katarina Wenk-Bodenmiller of Sommerfield Communications, Inc. at Katarina@sommerfield.com or 212-255-8386.
About Marks Paneth
Marks Paneth LLP is an accounting firm with over 500 people, of whom 65 are partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services, and energy clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.
The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth, whose origins date back to 1907, is the 33rd largest accounting firm in the nation and the 10th largest in the mid-Atlantic region. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top three forensic accounting firms for the fifth year in a row.
Its headquarters are in Manhattan. Additional offices are in Washington, DC, Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com.
Sommerfield Communications, Inc.