Cindy Fang
CPA, Partner, Tax Credit Investment Services Leader, Project Finance & Consulting

Cindy Fang serves as the firm’s Tax Credit Investment Services (TCIS) Leader. TCIS specializes in providing investment due diligence and other advisory services to institutional investors to help them strategically acquire and manage tax credit investments. Cindy began her public accounting career in 2003 and has a broad range of experience serving investor, syndicator, developer, and housing finance agency clients involved in tax credit transactions. She is well-versed in all realms of major investment tax credits including the low-income housing tax credit, historic, New Markets, and renewable energy tax credits. 

Over the last 17+ years, Cindy has assisted many institutional investors with their entry into or expansion in affordable housing investing. She provides project finance and consulting and other advisory services related to equity market conditions, investment options, investment due diligence, transaction structuring, and modeling, as well as industry best practices for underwriting and asset management. She also plays a key role in the firm’s industry research, policy, and regulatory advocacy and thought leadership efforts.

Cindy has co-authored many of the affordable housing industry's leading research publications that studied the industry's underwriting, performance and policy trends, and has  focused on evaluating the strengths and weaknesses of tax incentivized funds on behalf of institutional investors including an evaluation of fund sponsors.


National Housing and Rehabilitation Association, Tax Credit Equity Roundtable: Q1 2021, Moderator 

NCSHA, Housing Credit Connect 2021, Enhancing Public Policy with Portfolio Data, Panelist


BA, Literature, Peking University

Master of Public Management, University of Maryland

MS, Taxation, Northeastern University

Professional affiliations

American Institute of Certified Public Accountants

Massachusetts Society of Certified Public Accountants

CREW Boston


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apartment building

2023 Affordable Housing Credit Study & Credit Tool

affordable housing units

LIHTC property performance: Trends and analysis

Join leaders from CohnReznick’s Tax Credit Investment Services group for an overview of how to use the study to benchmark portfolios, develop best practices, and gain valuable insights into the affordable housing industry. In addition to discussing the LIHTC industry’s performance during the pandemic, panelists will share insights about trends in construction delays, collection losses, and rising operating expenses, and, more importantly, how the industry worked to mitigate these challenges.