Wednesday, February 22, 2012

Real Estate Overview

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Over the past 30 years, RubinBrown’s Real Estate Services Group has developed a strong reputation nationally as a leader in accounting and advisory services.  Today, the group provides specialized services to real estate entities from coast to coast.

The RubinBrown Real Estate Services Group provides a full range of assurance, tax, business planning, and consulting services to:

  • Investment funds
  • Real estate partnerships
  • Developers
  • Management companies
  • Governmental agencies
  • Syndicators and investors
  • Financial institutions
  • Construction-related companies

Through the years, our clients have grown to depend on our expertise in four key areas of the real estate sector:

  • Affordable Housing:  This complex and highly regulated industry has been one that RubinBrown has focused on since the early days of HUD and the advent of the federal low-income housing tax credit program.
  • Historic Tax Credit Services:  RubinBrown has extensive experience with consulting on historic rehabilitation projects across the country.
  • New Markets Tax Credit Services:  In addition to initial program guidance and consulting, RubinBrown experts can help you with NMTC application assistance.
  • Renewable Energy:  There are many new financial incentives for companies in the renewable energy sector.  We can help you sort through the opportunities and provide financial guidance to move your businesses forward.

In addition, the RubinBrown Real Estate Services Group regularly sponsors seminars and roundtables dealing with current topics affecting the real estate industry.



Real Estate Services

RubinBrown Real Estate Services Group’s services include:

  • Financial forecasts and projections
  • Cash flow and operational analyses
  • Specialized and complex tax planning
  • Troubled project workouts
  • HOPE VI consulting
  • Senior housing consulting
  • Business valuations
  • Low-income housing tax credit consulting and compliance
  • Affordable housing consulting and compliance
  • Historic rehabilitation tax credit consulting
  • Sales and Use Tax consulting
  • Governmental cost certifications (FHA & state housing agency)
  • NMTC consulting and compliance
  • Renewable energy consulting and compliance
  • Design and evaluation of financial reporting systems and internal control systems
  • Capital asset segregation analysis
  • Construction draw accounting and processing
  • Structured and complex deal structuring
  • Assistance in obtaining debt/equity financing
  • Like-kind exchange consulting
  • Strategic planning
  • Feasibility studies

Real Estate Publications

Apartment Stats

The RubinBrown Apartment Statistical Analysis© is published every year and assesses the financial performance of the multi-family industry around the country.  CLICK HERE TO VIEW THE 2011 APARTMENT STATS

 

Real Estate Resource Links

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We have compiled online resources that may be helpful to you or your business. You may wish to bookmark this page for future reference.

Department of Housing and Urban Development
The U.S. Department of Housing and Urban Development (HUD) provides information on owning a home. This site also offers information about buying a house, handbooks and forms, communities and financing. Information regarding the electronic submission of financial statements also can be found within HUD's real estate assessment at www.hud.gov/reac.
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Missouri Housing Development Commission
The commission was established to provide affordable housing to Missourians with lower incomes, but it also offers opportunities that assist people in becoming self-sufficient. By creating jobs, involving communities, eliminating barriers and enabling Missouri residents with low and moderate incomes--especially those in distressed areas--to become more independent, MHDC is helping to make Missouri a better place to live. The site also offers real estate resources.
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Bureau of Labor Statistics
The Bureau of Labor Statistics (BLS) is the principal fact-finding agency for the Federal government in the broad field of labor economics and statistics. The BLS is an independent national statistical agency that collects, processes, analyzes and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business and labor. The BLS also serves as a statistical resource to the Department of Labor. This site provides key economic data and statistics, including CPI data.

National Multi-Housing Council
Since its founding, the National Multi-Housing Council (NMHC) has established a reputation as the industry's leading national voice advocating rental housing. The Council concentrates on public policies that are of strategic importance to participants in multifamily housing, including housing and finance, tax, technology, property management and environmental and building codes. Its Web site offers industry updates, research, statistics and advice on choosing to rent or own property.

National Association of Real Estate Investment Trusts
The National Association of Real Estate Investment Trusts (NAREIT) is the national trade association for real estate companies. Members are real estate investment trusts (REITs) and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and serve these businesses. The site also provides a database of REITs and performance statistics.
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Small Business Administration
Do you know if your property is located in a designated Hubzone? The Historically Underused Business (HUB) Zone lookup web site is provided by the Small Business Administration (SBA) to provide the answer. The SBA has designated certain low-income and high-unemployment areas as Hubzones to spur revitalization. Small businesses located and employing people in these areas receive preference in winning federal contracts. By typing in an address the site shows whether that location is in a Hubzone and provides a color-coded map showing how the surrounding area is designated.

Americans with Disabilities Act
The Americans with Disabilities Act homepage is provided by the Department of Justice as a guide to those seeking information on compliance with the act. The site provides construction and design standards in PDF format. You can also find out how to talk to an ADA expert.

Affordable Housing Investors Council
A good due diligence summary that covers items to be considered before making an investment can be found at the Affordable Housing Investors Council.

Rural Housing Service
Information can be found concerning the various rural loans and grants available for single and multi-family housing at the Rural Housing Service. Programs such as the Farm Labor Housing Program (Sec. 514) and the Rural Rental Housing Guaranteed Loan Program (Sec. 538) can be researched. The site also has updates on fund availability.

Rental Housing On-Line
Did you know that renters who are military reservists have special rights? Rental Housing On-Line provides news, trends, court rulings and other resources to those in the rental industry. It also is a great stop for forms and agreements, state landlord tenant law, housing acts and agencies, vacancy listings, buying property, marketing, selecting tenants, frequently asked questions and more. Rental housing vacancy rates by state and year as well as rental trends area also available.

U.S. Treasury Auctions
Real estate and other property seized by the government are sold at auction. This site lists the property for sale and auction dates. It also has links to sales by other government agencies.

U.S. Army Corps of Engineers
Construction and building work done in, over or around water area requires a permit from the U.S. Army Corps of Engineers. To find out if you need a permit visit their site.

Kansas City Neighborhoods

St. Louis Neighborhoods
St. Louis has been a called a city of neighborhoods. Find a map, listing, and web site for each of St. Louis' 79 neighborhood associations here. Also, find neighborhood profiles and statistics compiled as part of the Consolidated Plan Five Year Strategy to revitalize the city, as well as, a comprehensive list of links about St. Louis real estate. Links to the St. Louis city government are also provided including a complaint form for neighborhood problems and infrastructure issues. A great place to start for any information about St. Louis property.

Federal Reserve Industry Reports
The Federal Reserve monitors the changing economic situation in the real estate and construction industries and reports their findings monthly in the Beige Book. To find out whether home sales and construction are booming or stagnating, check out this report. Each district, including St. Louis, issues their findings separately.

Real Capital Analytics
This site has a free "market snapshot" to find volume and pricing information for various types of real estate in a selected city.
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Urban Land Institute
Nonprofit education and research institute with focus on the use of land in order to enhance the total environment.
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National Council of State Housing Agencies
The nation’s state Housing Finance Agencies (HFAs) created the National Council of State Housing Agencies (NCSHA) as a nonprofit organization more than 30 years ago to coordinate and leverage their federal advocacy efforts for affordable housing.
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Missouri Department of Economic Development
This site has been designed to provide summaries of the financing programs available through the Missouri Department of Economic Development, along with other federal, state and local business financing programs. This site also features a questionnaire designed to help interest businesses determine which programs their company may be eligible to participate in.

Community Development Financial Institutions Fund
The Community Development Financial Institutions (CDFI) Fund website can be used to obtain various information on the New Markets Tax Credit (NMTC) Program and Community Development Entities (CDEs). The site can be used to obtain application materials for both NMTC allocations and CDEs. Information on qualifying low-income census tracts is available, as well as the 2003 NMTC Program Draft Allocation Agreement template.

St. Louis Architecture
View photographs and learn about the historic architecture of St. Louis. This Web site contains links to recent articles on renovations in the St. Louis area and provides information on many of the famous buildings (past and present) in St. Louis.

Missouri Alliance for Historic Preservation
Find information on current legislative issues and the status of Missouri bills relating to Historic credits. Learn about Missouri's ten most endangered Historic places. The site also provides numerous links to State offices and other historic preservation Web sites.
 

LIHTC Rates

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For your convenience, the Real Estate Services Group publishes tax credit rates as they become available. If you would like to discuss how the rates will affect you, contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it , CPA, Partner-in-Charge.
2006

  2007 2008 2009 2010 2011
January 3.46% & 3.40% & 3.28% & 3.32% &  3.29% &
8.08% 7.93% 7.65% 7.76%  7.67%
February 3.48% & 3.40% & 3.23% & 3.36% &  3.32% &
8.11% 7.92% 7.53% 7.84%  7.75%
March 3.49% & 3.36% & 3.27% & 3.35% &  3.33% &
8.15% 7.84% 7.63% 7.81%  7.78%
April 3.47% & 3.36% & 3.29% & 3.35% &  3.33% &
8.10% 7.84% 7.67% 7.82%  7.78%
May 3.47% & 3.34% & 3.28% & 3.36% &  3.33% &
8.11% 7.80% 7.65% 7.85%  7.77%
June 3.48% & 3.38% & 3.30% & 3.35% &  3.31% &
8.11% 7.89% 7.71% 7.81%  7.73%
July 3.50% & 3.40% & 3.35% &  3.31% &  3.29% &
8.18% 7.93% 7.82% 7.73%  7.68%
August 3.52% & 3.40% & 3.35% & 3.30% &  7.66% &
8.21% 7.94% 7.82% 7.69%  3.28%
September 3.49% & 3.40% & 3.36% &  3.28% &  7.60% &
8.15% 7.93% 7.84% 7.65%  3.26%
October 3.46% &  3.37% & 3.33% &  3.25% &  7.48% &
8.07% 7.87% 7.78%  7.58%  3.20%
November 3.46% & 3.36% & 3.33% &  3.24% &  7.44% &
8.08% 7.83% 7.76%  7.57%  3.19%
December 3.44% & 3.36% & 3.34% &  3.25% &  7.47% &
8.03% 7.84% 7.79%  7.58%  3.20%
 

AFR Tables

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For your convenience, the Real Estate Services Group publishes applicable federal rates (AFRs) as they become available.  If you would like to discuss how the rates will affect you, please contact This e-mail address is being protected from spambots. You need JavaScript enabled to view it , CPA, Partner-in-Charge.

2011 Applicable Federal Rates

December 2011        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.20% 0.20% 0.20% 0.20%
Mid-term (>3 years <9 years) 1.27% 1.27% 1.27% 1.27%
Long-term (>9 years) 2.80% 2.78% 2.77% 2.76%
         
November 2011
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.19% 0.19% 0.19% 0.19%
Mid-term (>3 years <9 years) 1.20% 1.20% 1.20% 1.20%
Long-term (>9 years) 2.67% 2.65% 2.64% 2.64%
October 2011
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.16% 0.16% 0.16% 0.16%
Mid-term (>3 years <9 years) 1.19% 1.19% 1.19% 1.19%
Long-term (>9 years)  2.95%  2.93%  2.92%  2.91%
 


September 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.26% 0.26% 0.26% 0.26%
Mid-term (>3 years <9 years) 1.63% 1.62% 1.62% 1.61%
Long-term (>9 years) 3.57% 3.54% 3.52% 3.51%
         

August 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.32% 0.32% 0.32% 0.32%
Mid-term (>3 years <9 years) 1.90% 1.89% 1.89% 1.88%
Long-term (>9 years) 3.86% 3.82% 3.80% 3.79%


July 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.37% 0.37% 0.37% 0.37%
Mid-term (>3 years <9 years) 2.00% 1.99% 1.99% 1.98%
Long-term (>9 years) 3.86% 3.82% 3.80% 3.79%


June 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.46% 0.46% 0.46% 0.46%
Mid-term (>3 years <9 years) 2.27% 2.26% 2.25% 2.25%
Long-term (>9 years) 4.05% 4.01% 3.99% 3.98%


May 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.56% 0.56% 0.56% 0.56%
Mid-term (>3 years <9 years) 2.44% 2.43% 2.42% 2.42%
Long-term (>9 years) 4.19% 4.15% 4.13% 4.11%


April 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.55% 0.55% 0.55% 0.55%
Mid-term (>3 years <9 years) 2.49% 2.47% 2.46% 2.46%
Long-term (>9 years) 4.25% 4.21% 4.19% 4.17%


March 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.54% 0.54% 0.54% 0.54%
Mid-term (>3 years <9 years) 2.44% 2.43% 2.42% 2.42%
Long-term (>9 years) 4.30% 4.25% 4.23% 4.21%


February 2011		        
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.51% 0.51% 0.51% 0.51%
Mid-term (>3 years <9 years) 2.33% 2.32% 2.31% 2.31%
Long-term (>9 years) 4.15% 4.11% 4.09% 3.81%


January 2011		      
Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.43% 0.43% 0.43% 0.43%
Mid-term (>3 years <9 years) 1.95% 1.94% 1.94% 1.93%
Long-term (>9 years) 3.88% 3.84% 3.82% 3.81%

Period for Compounding Annual Semiannual Quarterly Monthly
Short-term (<3 years) 0.16% 0.16% 0.16% 0.16%
Mid-term (>3 years <9 years) 1.19% 1.19% 1.19% 1.19%
Long-term (>9 years) 2.95% 2.93% 2.92% 2.91%
 

Real Estate Contact Us

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For more information on the RubinBrown Real Estate Services Group and tailored services, please contact:

Bryan C. Keller, CPA
Partner-In-Charge of Real Estate Services Group
314.290.3341
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Dave Herdlick, CPA
Vice-Chair of Real Estate Services Group
314.290.3383
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Glenn Henderson, CPA, CFP®
Partner
913.499.4429
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Frank D. Seffinger, CPA, LL.B., LL.M.
Partner
303.952.1240
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