Behind the Numbers: What Affordable Housing Auditors See Before Deals Break

Affordable housing deals rarely fall apart because of a single dramatic failure. More often, they unravel quietly through timing gaps, documentation issues, compliance missteps, or outdated systems that cannot keep up with today’s complexity. 

That reality sits at the center of this episode of The Comms Exchange, where hosts Rachel Ledet and Christianne Brunini are joined by Amanda Roy and Alison Fossyl, partners at Aprio who work daily inside the financial, regulatory, and operational pressures shaping affordable housing and public housing authorities across the country. 

“We’re seeing deals get harder from start to finish,” Amanda said. “Margins are tight, construction timelines are stretched, and cost overruns are becoming the norm rather than the exception.” 

Where Deals Feel the Pressure First 

From Amanda’s vantage point leading audits for affordable housing and public housing authorities, the last few years have introduced new layers of difficulty that did not exist a decade ago. Construction delays, extreme weather events, and rising labor and material costs now intersect with stricter compliance expectations and compressed lease-up schedules. 

“Construction delays can jeopardize first-year credits,” Amanda explained. “That can delay equity funding, increase interest expense on construction loans, and in some cases create the risk of losing credits altogether.” 

Alison, who advises on capital stacks, tax credit compliance, and exit strategies, sees those same pressures showing up on the financing side. Equity pricing that does not come in as expected, or equity installments that arrive later than planned, can push projects into heavier reliance on construction financing and expose sponsors to added risk. 

“When equity timing slips, deals have to carry more upfront debt,” Alison said. “That’s often where projects start to feel fragile.” 

Exit Planning Starts Earlier Than Most Think 

One of the clearest themes in the conversation was how often exit planning is underestimated or delayed. Alison emphasized that many of the challenges she sees years later could have been mitigated with earlier conversations and clearer documentation. 

“Exit planning should start during deal structuring,” she said. “Ideally around year ten or eleven, not at the last minute.” 

Over a fifteen-year compliance period, leadership changes, priorities shift, and documentation gaps can compound. Without a long-term plan in place, sponsors and owners may find themselves navigating uncertainty at exactly the moment clarity matters most. 

“Maintaining accurate, accessible documentation over that full horizon is critical,” Alison added. “Gaps create real problems when you get to the back end.” 

Compliance, Communication, and the Cost of Silence 

Regulatory oversight has also become more complex as agencies like HUD and USDA experience leadership turnover and institutional knowledge loss. Amanda noted that clients often feel frustrated trying to navigate new points of contact without the benefit of long-standing relationships. 

“Our advice is to communicate early and often,” she said. “When we’re brought into conversations sooner, we can help navigate issues before they escalate.” 

From an auditor’s perspective, the most difficult situations arise when communication breaks down completely. 

“We want to be the first person the client calls when there’s a problem,” Amanda said. “And we want to be the first ones to celebrate with them when something goes well.” 

When auditors are looped in late, options narrow. When they are part of the conversation early, they can help flag risks, suggest pathways forward, or connect clients with resources that might ease the burden. 

Technology as a Strategic Advantage 

Another quiet strain on affordable housing teams is outdated software and manual processes. While upgrading systems can feel like a difficult expense to justify, Amanda sees the cost of not upgrading play out year after year during audits. 

“Antiquated software slows the audit process for everyone,” she said. “It also bogs down internal teams who are pulling information manually.” 

Cloud-based systems with integrated document management streamline audits, reduce staff time, and make compliance easier to maintain over the long term. Alison sees even greater potential ahead as technology and AI continue to evolve. 

“Over the next five years, technology and AI will fundamentally transform the audit profession,” Alison said. “Audits will move beyond compliance and become more strategic tools.” 

With better data synthesis and real-time analysis, owners and investors can identify trends across portfolios, improve asset management decisions, and respond faster to emerging issues. 

“The future is exciting,” Alison said. “This is just the beginning of what technology will make possible.” 

Mentorship and Leadership in Affordable Housing 

Beyond numbers and systems, the conversation also highlighted the human side of the industry, particularly the importance of mentorship and representation for women in affordable housing finance. 

Alison described her approach to leadership as intentionally opening doors and bringing others into rooms where decisions are made. 

“I try to bring other women with me to visit clients,” she said. “So they can see how those conversations start and gain confidence engaging directly.” 

Amanda echoed that commitment through her own mentorship habits, including intentionally setting time aside to connect with younger team members. 

“If you don’t put it on your calendar, it doesn’t happen,” she said. “Spending that time matters.” 

Both emphasized that mentorship is not a buzzword, but an investment that strengthens teams and builds the next generation of leaders in the field. 

The Takeaway 

This episode of The Comms Exchange pulls back the curtain on the parts of affordable housing that rarely make headlines but often determine whether projects succeed. From audit readiness and exit planning to technology adoption and communication, Amanda Roy and Alison Fossyl offer a candid look at what they see working, what creates risk, and what needs to change. 

Listen to the latest episode of The Comms Exchange, Affordable Housing Under Pressure: Audits, Compliance, and Strategy with Aprio.

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