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Stephen B. Tracy, CPA


Stephen Tracy is a partner in the San Francisco office of Novogradac. He serves clients extensively in the real estate and renewable energy industries, where he specializes in providing transaction advisory, project finance, consulting, tax and accounting services in connection with projects that qualify for the low-income housing tax credit (LIHTC), historic rehabilitation tax credit (HTC), the opportunity zones incentive, the renewable energy investment tax credit (ITC) and the production tax credit (PTC). Tracy has extensive experience assisting clients with structuring complex financing arrangements in connection with real estate and renewable energy transactions. The Novogradac project finance, tax and audit teams serve a wide array of clients including developers, project sponsors, institutional and non-institutional tax equity investors in addition to private equity and family office cash equity investors. Transaction advisory services include developing an appropriate tax equity financing structure for a project (e.g., partnership flips, lease pass-throughs and sale leasebacks etc.), preparation of tax equity financial projections, M&A due diligence and GAAP/HLBV advisory. Before joining Novogradac, Tracy worked for Arthur Andersen & Co. in San Francisco serving clients in the real estate, investment banking and equipment leasing industries.

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