Client Snapshot
Industry:
Affordable Housing / Multifamily Property Management
Location:
San Francisco, CA, USA
Engagement Type:
End-to-End Finance Operations Support & Team Scaling
Software:
MRI, Boston Post
Key Highlights
Team Scale:
Expanded from 1 to 32+ FTEs
Operating Model:
Offshore-driven month-end close with standardized workflows
Controls:
Layered checks improved reporting accuracy and reduced errors
Compliance:
Audit-ready reporting aligned to affordable housing requirements
Client Background
The client is a leading U.S.-based affordable housing property management firm overseeing a large portfolio of regulated multifamily communities. Their accounting function supports property-level reporting, subsidy-linked financial operations, and compliance-driven requirements across multiple ownership structures and funding programs.
Affordable housing accounting adds complexity through LIHTC and HUD compliance expectations, layered financing, and strict audit and investor reporting standards. As the portfolio expanded, the client required a scalable, control-oriented accounting function to maintain compliance, accuracy, and investor confidence.
Business Challenge
Rapid portfolio growth increased transaction volumes, compliance pressure, and dependency on onshore reviewers—limiting scalability.
High-Volume Accounts Payable at Scale
~3,000 invoices per AP staffing required continuous tracking, prioritization, and timely processing to avoid backlog.
Utility and Recurring Invoice Delays
Delayed invoices required repeated follow-ups while ensuring correct period-wise expense recognition.
High-Pressure Month-End Close and Audit Queries
Strict investor timelines and recurring audit queries demanded complete documentation and rapid coordination
Scalability Constraints and Onshore Dependency
High reliance on senior onshore staff for reviews created key-person risk and constrained scaling.
Portfolio growth made manual follow-ups and reviewer-dependent execution harder to sustain each month. Without standardized workflows and distributed review capacity, close timelines and audit readiness were at risk. A scalable model with compliance-first controls was required to expand delivery without compromising accuracy.
OHI's Approach & Solution
Foundation & Pilot Setup (2023)
- Blueprinting: Initiated engagement to standardize month-end close and reconciliation workflows.
- Quality First: Implemented phased onboarding to prioritize accuracy over volume during initial ramp-up.
- SOPs: Established initial checklists and review protocols to ensure process consistency
Scaling & Stabilization (2024)
- Training: Developed skill-based training for LIHTC, HUD, and restricted vs. unrestricted fund tracking.
- Controls: Introduced “Maker-Checker” controls for segregation between preparation and review.
- AP Strengthening: Implemented tracking mechanisms for high-volume invoice processing and resolved discrepancies faster with vendor protocols
Optimization & Maturity (2025+)
- Regional Structure: Organized teams to enable focused handling of portfolio specific nuances and regulatory variations.
- Capacity: Built buffers and cross-trained teams to reduce reliance on key personnel.
- Resilience: Strengthened governance through structured review cadences and performance tracking.
Results & Impact
| KPI | April 2023 (Start) | May 2026 (Current) | Improvement |
|---|---|---|---|
| Team Size | 1 Senior Accountant | 32+ FTEs (22 Senior Accountants + 10 AP Specialists) | Scaled delivery capacity |
| Portfolio Support | Limited offshore bandwidth | Large-scale property coverage | Enabled portfolio expansion |
| Month-End Close | Dependent on onshore teams | Structured and offshore-driven | Improved timelines and predictability |
| Reporting Accuracy | Reviewer-dependent | Standardized with layered controls | Significant error reduction |
| Compliance | Manual and resource-intensive | Process-driven and audit-ready | Improved audit readiness |
| Operational Dependency | High reliance on key individuals | Cross-trained and distributed teams | Reduced key-person risk |
OHI enabled a scalable, compliance-driven accounting function tailored to affordable housing complexity by combining structured onboarding, domain training, and strong internal controls—ensuring growth did not compromise accuracy, audit readiness, or investor-grade reporting integrity.
“OHI has been instrumental in helping us scale our accounting operations in a highly regulated environment. Their understanding of affordable housing requirements and their structured approach to team expansion have strengthened both our processes and our confidence in financial reporting.”
Affordable Housing Property Management Firm
Financial Controller
Scale affordable housing accounting without losing compliance control
Expand from pilot to full-scale delivery with standardized month-end close, high-volume and AP discipline.
