Novogradac

What Novogradac does

Novogradac is a privately held U.S. professional services firm specializing in community development tax credits, operating since 1989 through two affiliated legal entities: Novogradac & Company LLP, a licensed CPA firm providing attest, tax, and audit services, and Novogradac Consulting LLP, which delivers valuation, advisory, and compliance consulting. The firm employs more than 800 professionals across 25+ offices nationwide, with headquarters in San Francisco, and is led by Managing Partner Michael J. Novogradac, CPA. Its practice spans the full lifecycle of federal and state tax credit programs, including the Low-Income Housing Tax Credit (LIHTC), New Markets Tax Credit (NMTC), Historic Tax Credit (HTC), Renewable Energy Tax Credit (RETC), Opportunity Zones (OZ), and HUD multifamily and rental assistance programs.

The firm monetizes primarily through engagement-based professional services — tax preparation, audit and assurance, valuation, compliance, and advisory — billed to developers, community development entities, investors, lenders, and renewable energy developers. It has increasingly productized its domain expertise into a portfolio of proprietary software tools (Qualified Census Tract Estimator, Rent and Income Limit Estimator, LIHTC Financial Forecast Model), reference handbooks for each major tax credit program, introductory booklets, and the monthly Journal of Tax Credits. Distribution is event- and content-driven: flagship co-hosted conferences (e.g., New Markets Tax Credits), the Tax Credit Tuesday Podcast, Notes from Novogradac blog, webinars, and the NovocoTraining online learning platform build top-of-funnel demand and lock in recurring relationships with practitioners and institutional clients.

Strategic positioning rests on deep, codified regulatory expertise combined with a large specialized talent pool, a 35-year brand, and ecosystem-level convening power across the affordable housing, community development, and clean energy industries. Recent moves — including the June 2026 QCT Estimator launch, the January 2026 five-partner promotion class, the SolarEdge technology partnership, and proactive content coverage of the FEOC regime and OZ 2.0 transitional guidance — point to a firm steadily expanding its software/product revenue layer and clean energy advisory surface while deepening its core community development franchise.

Name

Novogradac

Legal name

Novogradac & Company LLP

Website

https://novoco.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Novogradac is a private U.S. professional services firm providing tax, audit, valuation, compliance, and advisory services to developers, investors, and lenders in the community development tax credit industry, including LIHTC, NMTC, HTC, RETC, OZ, and HUD programs, supported by proprietary software, publications, and training products.

Ownership category

akta.pro rank

Product category

Tax Credit Advisory and Accounting Services

NAICS

Offices of Certified Public Accountants (541211), Other Accounting Services (541219), Software Publishers (513210), Administration of Housing Programs (925110)

SIC

Services-Engineering, Accounting, Research, Management (8700), Services-Prepackaged Software (7372)

akta.pro primary industry

Affordable Rental & Multifamily Housing Finance Programs (LIHTC/Tax Credits/Subsidized Loans) (FSALAKAF)

akta.pro secondary industries

Finance, Accounting & Risk (CFA/CPA/FRM) Certifications (EDAAANAD), Accounting, Audit & Tax (CPA/CA/ACCA CPE) (EDAAALAA)

Keywords

• Tax credit consulting
• Community development accounting
• Affordable housing tax
• Valuation services
• LIHTC compliance

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Professional Services: Revenue generated from accounting, tax preparation, assurance, valuation, and advisory professional services. The firm serves clients in the community development tax credit space, including affordable housing, historic rehabilitation, renewable energy, and new markets tax credit sectors.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels7 records

Core offering

Novogradac is a national accounting and consulting firm that provides audit, tax, assurance, valuation, compliance, and advisory services to clients in the community development tax credit industry. Its practice spans Low-Income Housing Tax Credits (LIHTC), New Markets Tax Credits (NMTC), Historic Tax Credits (HTC), Renewable Energy Tax Credits (RETC), Opportunity Zones (OZ), and HUD-related programs, serving developers, investors, lenders, nonprofits, and public agencies across the United States. In addition to professional services, the firm sells proprietary software tools, reference handbooks, and a monthly tax-credit publication.

Product overview

Novogradac offers a comprehensive portfolio of professional services and products for the community development tax credit industry. The product portfolio includes specialized software tools (Qualified Census Tract Estimator, Rent and Income Limit Estimator, LIHTC Financial Forecast Model), reference handbooks covering all major tax credit programs (LIHTC, NMTC, Historic Tax Credits, Tax-Exempt Bonds), introductory booklets for practitioners new to specific programs, subscription to the monthly Journal of Tax Credits publication, and special reports on emerging topics. The company also provides educational content through the Tax Credit Tuesday podcast series, training webinars, and conferences. Services span tax planning, audit and assurance, valuation, compliance, and advisory across affordable housing, community development, and renewable energy sectors.

Differentiator

Problem solved

Functional benefit

Brands

• Novogradac Journal of Tax Credits: Monthly 80-page publication covering LIHTC, NMTC, HTC, RETC, OZ, and HUD topics
• Tax Credit Tuesday Podcast
• NovocoTraining
• Novogradac Valuation Services

Products and services

• Tax Services Tax planning and preparation services for clients operating in community development and tax credit programs, including affordable housing, new markets, historic rehabilitation, and renewable energy tax credits.
• Assurance and Audit Services Independent audit and assurance engagements for owners, syndicators, and investors in tax credit-financed projects, including LIHTC, NMTC, HTC, and HUD-regulated properties.
• Valuation and Market Analysis Appraisal and valuation services for tax credit properties, including market studies and feasibility analyses, delivered through the Novogradac Valuation Services division of Novogradac Consulting LLP.
• Compliance Services Property compliance monitoring and reporting for affordable housing and other tax credit programs to help owners meet ongoing regulatory requirements.
• Advisory Services Transaction and structuring advisory for tax credit investments, including deal structuring, due diligence, and public-policy advisory for community development projects.
• Novogradac Qualified Census Tract Estimator Software tool that estimates whether census tracts will retain, lose, or gain Qualified Census Tract (QCT) status, supporting LIHTC developers' site selection and underwriting decisions.
• Novogradac Rent and Income Limit Estimator Calculator tool for determining rent and income limits for LIHTC properties to support compliance and planning.
• Novogradac LIHTC Financial Forecast Model Financial forecasting tool for Low-Income Housing Tax Credit projects to model projections and investment scenarios.
• Novogradac Journal of Tax Credits (Subscription) Monthly 80-page subscription publication covering LIHTCs, NMTCs, HTCs, RETCs, OZs, and HUD programs with feature articles, news briefs, and expert analysis.
• Novogradac Tax Credit Handbooks Reference handbooks covering property management and program-specific compliance for LIHTC, New Markets Tax Credits, Year 15 exit, historic rehabilitation, tax-exempt bonds, nonprofit developers, and HUD Rental Assistance Demonstration.

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core.

• Bildmore Clean EnergycoreGTM or Marketing PartnerCo-host of Novogradac's New Markets Tax Credits conference, participating in joint marketing and industry event collaboration focused on community development and tax credit professionals
• CAC SpecialtycoreGTM or Marketing PartnerCo-host of Novogradac's New Markets Tax Credits conference, participating in joint marketing and industry event collaboration
• Crux ClimatecoreGTM or Marketing PartnerCo-host of Novogradac's New Markets Tax Credits conference, participating in joint marketing and industry event collaboration focused on climate and community development
• Monarch Private CapitalcoreGTM or Marketing PartnerCo-host of Novogradac's New Markets Tax Credits conference, participating in joint marketing and industry event collaboration
• Nixon PeabodycoreGTM or Marketing PartnerCo-host of Novogradac's New Markets Tax Credits conference, participating in joint marketing and industry event collaboration
• Raymond James Renewable Energy InvestmentscoreGTM or Marketing PartnerCo-host of Novogradac's New Markets Tax Credits conference, participating in joint marketing and industry event collaboration focused on renewable energy tax credits

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Wipfli: Top-25 US accounting and advisory firm with a real estate and affordable housing practice that competes for LIHTC audit, tax, and advisory engagements against Novogradac.
• Moss Adams: Top-15 US accounting and consulting firm with a real estate and affordable housing practice that delivers LIHTC audit, tax, and advisory services to similar developer and investor clients.
• CohnReznick: Top-10 US accounting and advisory firm with one of the largest dedicated affordable housing, LIHTC, and renewable energy tax credit practices, competing head-to-head with Novogradac for developer, investor, and lender clients.
• Plante Moran: Large US accounting and business advisory firm with a real estate and affordable housing practice providing audit, tax, and consulting services to LIHTC developers and investors.
• Forvis: Top-10 US CPA firm formed from the merger of BKD and Dixon Hughes Goodman with significant affordable housing and tax credit advisory practices targeting LIHTC sponsors, investors, and lenders.
• Baker Tilly US: Large US accounting and advisory firm with a dedicated Affordable Housing and Tax Credit Industry Group serving LIHTC developers, syndicators, and investors — overlapping client base and service mix with Novogradac.
• CliftonLarsonAllen (CLA): Top-10 US accounting firm with a dedicated affordable housing and LIHTC practice serving developers, property managers, and investors in the same community development ecosystem as Novogradac.

Broad incumbents

• Ernst & Young (EY US): Big 4 firm with a clean energy and affordable housing tax credit practice that overlaps with Novogradac's renewable energy advisory at the higher end of the market.
• Deloitte US: Big 4 firm with a tax services practice covering affordable housing, renewable energy, and community development credits — a broad incumbent competitor for larger enterprise engagements.
• KPMG US: Big 4 firm with a renewable energy tax credit and affordable housing practice that competes with Novogradac on larger institutional engagements while offering a much broader service portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NovogradacCPAs

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Novogradac