Industries & Experience

Since 1987, Dauby O’Connor & Zaleski, LLC (DOZ) has been specializing in the affordable housing and community development industries which allows us to help our clients navigate and succeed in a very complex regulatory environment.  We believe in linking arms of our clients with regulatory agencies to provide quality affordable housing and community services for all.  Our clients continually rely on the expertise provided by DOZ.

We provide services to clients in the following industries:

Accounting and auditing

The financial statement audit has never been more important in today’s business environment.  There is more scrutiny and skepticism of a company’s financial statements than ever before.  In order to succeed in the competitive environment, our clients must be innovative and have the highest level of expertise at their disposal.  That required level of expertise is what DOZ provides.

DOZ performs over 3,100 audits annually for real estate entities owning and managing multifamily apartment communities and 100 syndicated funds that have been formed to invest in these entities.  In addition, we frequently work with organizations engaged in community development endeavors. The annual audits are typically a requirement of the financing  or grant documents or entity formation agreements.  We stay current with generally accepted accounting principles (GAAP) and generally accepted auditing standards (GAAS) and receive continuous training in audit, accounting, government and compliance issues.

Our audits are conducted in accordance with auditing standards generally accepted in the United States of America.  In addition, DOZ specializes in audits performed in accordance with the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and not-for-profit entities, the Single Audit Act Amendment of 1996, and the provisions of OMB Circular A-133.

View our most recent Peer Review Report


DOZ prepares annual federal, state and local tax returns for over 3,000 affordable housing and community development related entities located in 46 different states and over 60 different state and local taxing jurisdictions.  The ownership entities include partnerships, C-corporations, subchapter S-corporations, limited liability companies, tax-exempt organizations, and individuals.

DOZ has been engaged to provide research and analysis for the complex body of tax laws applicable to the real estate, affordable housing and not-for-profit industries.  DOZ has been involved with Internal Revenue Code (IRC) Section 42 LIHTC projects since the firm was formed in 1987 – the same year the LIHTC was instituted.  The four tax partners and principals have over 100 years of combined experience in real estate and taxation.

The federal tax code provides many favorable tax provisions relating to our clients.  However, as is always the case, with favorable tax treatment comes complexity.  Our history has cultivated the expertise and experience to provide guidance in all areas of partnership taxation such as:

  • Annual tax return preparation and filing,
  • Structuring of real estate transactions,
  • Transfers of ownership through sales,
  • Exchanges or redemptions of partnership interests,
  • Disposition and sales of property,
  • Partnership 704(b) allocation issues including the highly complicated rules relating to liability allocation,
  • Tax planning and research for technical issues,
  • Tax savings strategies,
  • Tax basis capital account analyses,
  • Financial projections and analyses,
  • State tax credit application assistance,
  • Business entity choice analyses
  • Related party issues which can affect the current deductibility of partnership expenses, and
  • LIHTC issues arising from the application of IRC Section 42.

DOZ’s experience with exempt organizations, C-Corporations, S-Corporations, partnerships and limited liability companies as owners and/or general partners developing, constructing, managing and holding real estate gives DOZ the expertise to assist our clients with any taxation issue relating to our industries.


DOZ’s foundation in the areas of audit and taxation creates synergies with our advisory practice to complete our service cycle. DOZ has the capabilities and resources to fill the needs of the most astute real estate professionals from initial entity formation and investment through disposition with every party involved, every step of the way.  DOZ offers general consulting services in real estate, as well as these primary areas of service:

  • Transaction level due diligence – DOZ’s Property Investment Report (PIR) provides the due diligence for underwriting new LIHTC transactions. Our model provides analytical insight on a new project development based on Affordable Housing Investor Council’s acquisition and underwriting guidelines. Our due diligence is the perfect tool for any party in the transaction.  The PIR can be used by developers and owners with general partner interests to show the strength of a new development to syndicators and justify proper pricing.  Syndicators utilize the PIR to show evidence of fund performance and credit delivery to investors.  Investing institutions benefit by being able to analyze and project future investments.  In a dashboard format, the report does not contain subjective conclusions, only those supported through analytical evidence in an easy to follow report.
  • Fund level due diligence – DOZ provides fund level due diligence to help syndicators and investors reach their highest potential in the market.  DOZ begins with a fund overview outlining 28 summary analytical references from a fund portfolio perspective.  DOZ then utilizes our individual PIRs to roll up information into our fund review model organized by property characteristics and development budget indicators.  Each PIR is reviewed from a fund and property portfolio perspective. The results of the fund review roll-up provide a centralized report of each PIR and organizes key information for users.
  • Sponsor reviews, or organization advisory services – DOZ’s experience and history working with syndicators, both at the upper-tier and lower-tier levels, provides us with the tools to help our clients refine their operations. These insights lead to enhanced investment yields, streamlined workflow, and improve syndicator customer service to LIHTC investors.
  • Disposition analysis – The current market inventory for Year 15 properties increases by nearly 100,000 units annually. The inventory growth is in addition to a backlog of 600,000 units that will require rehabilitation before properties fall to a state of dilapidation. This portfolio not only creates prospects for transferring interests and property, but becomes an industry preservation challenge. These market trends create huge opportunities for investors, syndicators, developers, and owners of multifamily real estate assets.  DOZ offers a diverse but connected range of services that will enable clients, no matter which type of participant, to get a step ahead to mitigate long term operational, financial, and tax risk while seizing the investment upside.
  • Underwriting model – DOZ performed an analysis on a variety of underwriting and financial projection models utilized within the multifamily housing industry.  The results led to DOZ creating its own model which allows users to analyze, up front, more variables when making investment decisions.  The DOZ Model also allows users to track their ROI and capital accounts throughout the investment’s life cycle.  DOZ’s Model is easily customizable to each individual user.  DOZ will provide consultants to help with the initial customization of the DOZ Model to the user’s preferences, as well as provide training on how to best utilize all of the DOZ Model’s extensive features.

DOZ’s capabilities stretch beyond these primary areas of service to asset management advisory, financial statement analysis, and performance studies.  Due to our high level of technical expertise resulting from over 25 years as a firm in the real estate industry, DOZ regularly consults clients in regards to financial projections and deal structures for new projects.  DOZ’s understanding of both pre-development and operation stages of a project provides clients greater opportunities to create a successful, sustainable development.