Stewart A. Grubman

Partner, PKF O’Connor Davies LLP

Partner, PKF O’Connor Davies Advisory LLC

Stewart Grubman

"Throughout my career, I've been extremely fortunate to work with so many dedicated clients. Together, we have built a community of professionals who care deeply about affordable and special needs housing. I find collaborating and sharing my expertise with clients, colleagues and students incredibly rewarding."

Stewart A. Grubman is the Partner-in-Charge of the Firms’ Bethesda, MD office and has over 30 years of experience in public accounting. His focus is on auditing and tax services for affordable and special needs housing.

He is a specialist in insured and subsidized multifamily housing with expertise in the areas of Syndicated Lower Tier and Upper Tier Partnerships, Low-Income Housing Tax Credits (LIHTC), HUD, RD and state financed housing programs. In addition, he is nationally recognized as a lecturer on HUD and LIHTC audit related topics. He is the sponsor and chief lecturer of the Multifamily Audit and LIHTC Workshops. These workshops are nationwide seminar programs designed to comply with the Government Accountability Office (GAO) guidelines on continuing education for CPAs. Stew has also conducted in-house training for various HUD offices and CPA firms.

Stew was contracted by HUD to provide training for the HUD Financial Statement Analysis for New Loan Management Personnel, the HUD Real Estate Assessment Center (REAC) and the HUD Enforcement Center (EC). He is often a guest panelist for affordable housing conferences and has provided litigation support for law firms and clients. He has authored and co-authored many books and articles in the affordable housing industry. His publications include: New Audit Requirements for HUD Multifamily Audits (annually 1988-current) and Low Income Housing Tax Credit Properties: Deconstructing the Deal (annually 2011-current.)

Professional Affiliations & Civic Involvement

  • American Institute of Certified Public Accountants (AICPA), Government Audit Quality Center
  • Maryland Association of Certified Public Accountants (MACPA)
  • National Leased Housing Association (NLHA)
  • Member of HUD/Industry TRACS Task Force
  • Member of HUD/Industry REAC/EC Task Force


  • Certified Public Accountant (Maryland, New York, Delaware, District of Columbia)