Affordable Housing Gurus

McKonly & Asbury Affordable Housing Staff Participate in Team Building Day

Our affordable housing gurus took a “field trip” last week to visit two affordable housing (tax credit) properties located in Dillsburg, Pennsylvania that were developed and are managed by Presbyterian Senior Living. 16 members of our affordable housing team were “treated” to tours of these facilities and several of the senior citizens opened their doors to welcome us and allowed us view their excellent living quarters. These facilities were developed within the last 6 years

Register Now for McKonly & Asbury's June 2013 Affordable Housing Seminar!

McKonly & Asbury Spring 2013 Affordable Housing Seminar 

Thursday, June 13, 2013
10:00 am – 3:00 pm

Giant Community Center
3301 East Trindle Road
Camp Hill, PA 17011

Topics & Speakers Include
Holly Glauser, Director of Development, PHFA
News from PHFA and
What to Expect in the 2014 Qualified Allocation Plan

Karen Arnold, Keystone Grant Manager
PA Historical & Museum Commission
Federal and PA Historic Tax Credits

David Buches, FHLBank Pittsburgh
Affordable Housing Program (AHP) and
Community Lending Program

Elizabeth Brooks, Principal, McKonly & Asbury, LLP
The 50% Test, The 10% Test, and
Development Cost Certifications

There is a registration Fee of $35 which includes lunch.
Click here for registration information

Save The Date!

McKonly & Asbury Affordable Housing Seminar

June 13, 2013

10 am - 3 pm

Giant Community Center, 3301 East Trindle Road, Camp Hill, Pennsylvania

Speakers and topics to be announced

Follow @AffordHsgGuru on Twitter for News and Updates

Pennsylvania Seeks Nominations for 2013 Supportive Housing Award

Individuals and organizations that are creating quality housing opportunities for older Pennsylvanians can be nominated for the state’s 2013 Supportive Housing Award. Nominations are due by March 29.

The award is sponsored by the departments of Aging and Public Welfare and the Pennsylvania Housing Finance Agency (PHFA). It recognizes significant efforts to increase the availability of supportive housing for older Pennsylvanians.

Year-End Audit and Tax Planning Tips for Low-Income Housing Tax Credit Partnerships

Audit and tax season for calendar year-end entities is here.  Being proactive in preparation for financial statement audits and tax return preparation is important in achieving a seamless and efficient audit process. 

The following is a list of items that owners and managers of low-income housing tax credit projects can perform to help ensure reporting deadlines are met and to minimize the disruption by auditors and tax preparers to your day to day operations. 

9% LIHTC Rate Extended

The American Taxpayer Relief Act of 2012 contains some very good news for tax credit developers. The Act extends the 9% low-income housing tax credit rate floor to projects receiving low-income housing tax credit allocations before January 1, 2014. The rate had been scheduled to return to a floating rate for projects placed in service on or after December 31, 2013.

Philadelphia Nonprofit Developer Awarded $3 Million for Energy Efficient Affordable Housing

A Philadelphia non‐profit developer was awarded $3 million from HUD to
upgrade 166 affordable housing units across Philadelphia and make them 20% more energy efficient.

Columbus Property Management and Development, Inc. (CPM) won a grant from the U.S. Department of Housing and Urban Development through its Energy Innovation Fund (EIF) to bring energy innovation and cost savings to
affordable housing residents in North, West, South and Northeast Philadelphia. Community Environmental Center, Inc., in Long Island City, New York, also won $3 Million in the Applied Research category, with seven others in this category receiving smaller grants.

IRS Releases November LIHTC Rates

The Internal Revenue Service has released Rev. Rul. 2012-30 which contains the LIHTC rates and applicable federal rates for November 2012. The 70% LIHTC rate is 7.38% and the 30% LIHTC rate is 3.16%. Note that for non-federally subsidized new buildings placed in service after July 30, 2008, and before December 31, 2013, the 70% LIHTC rate will not be less than 9%. For historical rates, click here.

Last Chance to Register for McKonly & Asbury's Fall 2012 Affordable Housing Seminar!

McKonly & Asbury will be holding a two-day seminar on November 13 and 14 which will feature two days of training for experienced low-income housing tax credit property managers and professionals. We are pleased to welcome back A.J. Johnson of A.J. Johnson Consulting who will be providing the training. A.J. will be covering a wide range of LIHTC topics including placed in service issues for both acquisition and rehabilitation developments, how to calculate rents and fees, minimum set-aside tests, and determining utility allowances. For a complete list of topics to be presented, see our Events page. At the end of the training on the second day, participants will have the option of taking a certification examination to become a Housing Credit Certified Professional (HCCP) which is a nationally recognized designation through the National Association of Home Builders.

Registration Deadline:  October 30, 2012

Location:  Radisson Hotel Harrisburg, 1150 Camp Hill Bypass, Camp Hill, Pennsylvania 17011 in the Convention Center Building. 

Time:    November 13 9:00 a.m. – 4:30 p.m. – Training
             November 14 9:00 a.m. – 11:30 a.m. – Training
             November 14 11:30 a.m. – 4:15 p.m. – HCCP Certification Examination

Fee:       $325 for training only (includes lunch on November 13)
             $499 for training and certification exam (includes lunch on both days)

Click here for registration information

Contact affordablehousing@macpas.com or Melissa Roberson at (717)761-7910 with questions.

PHFA Accepting Proposals for Use of PHARE and Marcellus Shale Funding to Improve Housing in Areas Impacted by Natural Gas Drilling

The Pennsylvania Housing Finance Agency has issued a Request for Proposals (RFP) for projects to improve the availability and affordability of housing in the Marcellus Shale region of the state.

The funding is being made available through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund and Marcellus Shale impact fees. This funding will include $2.5 million collected in 2011 and $5 million collected each year that follows. Additional funding to be added to the PHARE Fund may include Marcellus Shale impact fees provided to municipalities that exceed a certain percentage or dollar amount set by law.