Affordable Housing Gurus

PHFA Announces Workshop on 2012 PennHOMES and Low-Income Housing Tax Credit Funding

The Pennsylvania Housing Finance Agency (PHFA) has announced details about their information session for the 2012 PennHOMES and Low-Income Housing Tax Credit (LIHTC) Funding Round. The session will be held on Thursday, September 15, 2011, from 9:30 am – noon at the Crown Plaza Harrisburg Hotel. We anticipate this workshop to be a great source of information on the application requirements for this funding. This annual workshop historically has allowed the opportunity for questions to be asked of the PHFA staff. PHFA is urging all prospective PennHOMES and LIHTC applicants to attend this session. Click here for registration information.

There will be one funding round for the PennHOMES and LIHTC in 2012.  The application for the 2012 round will be due on October 12, 2011.  The announcement of funding for the 2012 applications is anticipated to be in April 2012.

McKonly & Asbury is a leader in preparing and consulting on low-income housing tax credit applications in Pennsylvania. Our team is passionate about making your application a success. We have a comprehensive understanding of the challenges and nuances of structuring a low-income housing tax credit deal. We are able to assist you in putting the entire application package together for submission, or we can review your application and provide suggestions for optimizing points for PHFA scoring. We will help you maximize your tax credits and, therefore, increase your equity proceeds. For more information, please contact Elizabeth Brooks at ebrooks@macpas.com.

Register Now for McKonly & Asbury's Spring 2011 Affordable Housing Seminar!

 McKonly & Asbury's Spring Affordable Housing Seminar has been set for May 4, 2011. A. J. Johnson from A. J. Johnson Consulting Services, Inc. will be here for a full day of training on Low-Income Housing Tax Credit compliance. You may remember A. J. if you attended our Fall 2010 seminar and we are pleased to welcome him back due to popular demand!

Thanks to your feedback, we are pleased to announce that A. J. will be presenting on the following topics.

Income Verification and Calculation

Concentrated instruction will be provided on the required methodology for calculating and verifying income. A comprehensive discussion of employment income is a major part of the training, along with military pay, pensions/social security, self-employment income and child support. A basic discussion of asset verification and calculation is included.

Management of Low-Income Housing Tax Credit Projects

This part of the training will cover all aspects of the credit relating to on-site management, including the application process, rental calculation, income and eligibility verification requirements, requirements relating to tenant assets, and a full discussion of student issues.  Instruction will also be provided relating to minimum set-aside issues, optional fees and use of common areas.  The Available Unit Rule will be covered along with the requirements for units occupied by students.

This seminar will be held at the Radisson Hotel Harrisburg Hershey located at 1150 Camp Hill Bypass, Camp Hill, PA and will take place from 8:00am – 4:30pm. CPE credits are available and the cost to attend is $195/person, which includes lunch.

Register now at affordablehousing@macpas.com or call (717)761-7910 and ask for Diane Clapper.

Save The Date!

McKonly & Asbury's Spring Affordable Housing Seminar has been set for May 4, 2011. A. J. Johnson from A. J. Johnson Consulting Services, Inc. will be here for a full day of training on Low-Income Housing Tax Credit compliance. You may remember A.J. if you attended our Fall 2010 seminar and we are pleased to welcome him back due to popular demand!

Help us set the agenda! Tell us what you want to learn by participating in a brief survey. Click here for survey.

The seminar will be held at the Radisson Hotel Harrisburg Hershey in Camp Hill, Pennsylvania. This will be an all-day seminar and details on the specific time will be announced in the near future.

First Annual Hunger and Homelessness Awareness Week Slated

On the night of January 27, 2010, 701 individuals were living in emergency and/or transitional shelters in Lancaster County. In addition, twenty three individuals were without any type of shelter and living on the street. During 2009, more than one in ten Lancaster County residents could not afford to purchase the food their family needed.

The Lancaster County Coalition to End Homelessness in conjunction with the Lancaster County  Hunger Coalition is hoping to draw attention to these facts, and other startling local statistics about homelessness and food hardship in Lancaster County and the importance of solving both of these issues, by supporting the first local Hunger and Homelessness Awareness Week. On November 10, 2010, the Board of Commissioners issued a proclamation that the week of November 14-20, 2010 be designated “Hunger and Homelessness Awareness Week” in Lancaster County. The week-long calendar of local events coincides with the National Hunger and Homelessness Awareness Week co-sponsored by National Coalition for the Homeless and the National Student Campaign Against Hunger & Homelessness.

McKonly & Asbury Holds Fall Affordable Housing Seminar

McKonly & Asbury hosted an informative affordable housing seminar on Monday, October 18, 2010 at the Giant Community Room in Camp Hill.

Brian Shull, Senior Development Officer at the Pennsylvania Housing Finance Agency (PHFA), talked about PHFA’s Preservation Through Smart Rehab Program. Brian talked about the program goal, target projects, eligibility to participate in the program, and the process to participate. This program is designed to provide financing for the installation of energy efficiency measures that materially reduce energy demand and utility costs of projects. To access an application for this program, click here. 

Angela Tracy, Customer Programs Director, of PPL Electric Utilities, spoke about energy efficiency, as well as the Winter Relief Assistance Program (WRAP). WRAP is a no charge weatherization program for PPL customers who use a certain amount of electricity and meet certain income guidelines. Energy educators show residents ways to reduce utility bills. Energy-saving measures such as insulation, appliance replacement, and air-sealing may be provided at no cost to the renter.

McKonly & Asbury to Present “Tax Credits 101” at Homes Within Reach Seminar

McKonly & Asbury is pleased to offer “Tax Credits 101” as a Professional Institute  at the Housing Alliance of Pennsylvania’s 2010 Homes Within Reach conference. The Professional Institutes are new this year at the Homes Within Reach conference and are designed to go deeper into specific topics than the workshops allow time for. Join us on Monday, November 8, 2010, from 12:30p.m. – 5:30 p.m. at the Homes Within Reach conference at the Harrisburg Hilton for concentrated instruction on the various phases of developing a Low-Income Housing Tax Credit project. We will be joined by experts in their respective fields of the LIHTC industry for an in-depth look at all aspects of a tax credit development.  Topics and speakers to include:

Tax Credit Basics
In this session, you will learn about the low-income housing tax credit industry, how tax credits work, and what is involved in developing a tax credit project. Elizabeth Brooks of McKonly & Asbury’s Affordable Housing Segment, will present an overview of what you need to know to develop a LIHTC project and will include a comprehensive example “by the numbers” of a tax credit project.

Financing Your Project and Attracting an Investor
This session will explore how to finance a tax credit project.  Join Peter Kaplan of PNC Multifamily Capital as he discusses how investors and syndicators evaluate developments. You will also be given tips on what to look for in an investor’s commitment letter. We will examine sources of funds available to fill funding gaps and have David Doray from PHFA, Vicki Lori from DCED, and John Bendel from the Federal Home Loan Bank on hand to explain their funding sources and how to apply.

Site Selection and Designing the Building(s)
What are the steps to identifying a good site for your development? What happens after a site is identified? Does PHFA have to approve the site? Do I need an appraisal? Do I need an environmental audit? What are the steps to getting a land development plan? Tim Henkel of Pennrose Properties, LLC will discuss what makes a good site and what needs to happen after a site has been selected. There are several threshold criteria and many points to be awarded based on the design of your building(s). Nancy Bastian of Cecil Baker Partners will discuss threshold and points driven development amenities, unit amenities, visitability, digital accessibility, and energy conservation. We will also be discussing pitfalls to avoid when selecting your site and designing your building.

The Tax Credit Application
Elizabeth Brooks of McKonly & Asbury, will discuss what is needed for a feasible application. We will discuss the timeframe for putting an application together, what third parties need to be involved, and what information needs to be gathered by the developer. We will also walk through a development budget.

Interpreting Your Market Study
What is a capture ratio? Is the number good? How great is the need in the market you are planning to locate your development? Get these questions answered and learn more as Mark Shonberg of Barone, Murtha, Shonberg, and White will walk you through how to read and make sense of a market study.

Registration is through the Housing Alliance of Pennsylvania. For registration information, click here.

Register Now! McKonly & Asbury Fall 2010 Affordable Housing Seminar

 
McKonly & Asbury Fall 2010 Affordable Housing Seminar
Monday, October 18, 2010
10:00 a.m. – 3:00p.m.
Giant Community Center, 3301 East Trindle Road, Camp Hill, PA  17011

Join us for our fall 2010 seminar!

Speakers and Topics Include :

• Brian Shull, Senior Development Officer, PHFA - "Preservation Through Smart Rehab" program
•  Angela Tracy, PPL Electric Utilities - Discussion on the Low-Income Usage Reduction Program
•  A.J. Johnson, A.J. Johnson Consulting Services, Inc. - Discussion on project compliance issues 
•  Marylynn Sergent, U.S. Government Accountability Office - American Reinvestment and Recovery Act funding
• Josh Bantz, McKonly & Asbury, LLP – Tax Credit Project Forecasting

  There is a registration fee of $35, which includes lunch.
   
CPE credits are available.

Register now at affordablehousing@macpas.com.

McKonly & Asbury Fall 2010 Affordable Housing Seminar Speakers Announced

 McKonly & Asbury is excited to announce the following speakers and topics for our Fall 2010 Affordable Housing Seminar to be held on October 18 at the Giant Community Center in Camp Hill, Pennsylvania!

Brian Shull of the Pennsylvania Housing Finance Agency will be speaking about the “Preservation Through Smart Rehab” program offered by the Agency.

As a compliment to Brian’s topic, we are pleased to have Angela Tracy from PPL Electric Utilities speak about PPL’s “WRAP” program, as well as the state-wide Low-Income Usage Reduction Program.

A.J. Johnson from A.J. Johnson Consulting Services, Inc. will be at the seminar to update us on new compliance issues, as well as recent and common IRS compliance findings. A.J. will also be speaking about what owners should be communicating to property managers about compliance, and giving examples of common non-compliance issues found and how to cure a non-compliant unit.

Members of the United States Government Accountability Office will be giving a brief overview of their most recent report to Congress on the American Reinvestment and Recovery Act funding.

Josh Bantz, one of McKonly & Asbury’s Affordable Housing Gurus, will be giving an overview of financial forecasts for tax credit partnerships.

Registration details coming soon!

FHLBank Pittsburgh Announces 2010 Funding Round

FHLBank Pittsburgh has announced that applications for the Affordable Housing Program (AHP) 2010 funding round will be due on September 9, 2010. This is welcome news for developers looking to fill funding gaps for projects! The applications are required to be submitted electronically. FHLBank will be holding a series of workshops to cover how to register for the 2010 funding round and how to navigate the new AHP online system as well as scoring and feasibility requirements.

McKonly & Asbury has extensive experience in preparing all types of funding applications and is available to prepare or assist you in preparing your 2010 AHP application. Please contact Elizabeth Brooks at ebrooks@macpas.com or (717)761-7910 with questions.

Date Set for McKonly & Asbury's Fall 2010 Affordable Housing Seminar

Mark your calendars for October 18, 2010, the date of McKonly & Asbury's fall Affordable Housing Seminar. The seminar will be held at the Giant Community Room in Camp Hill, Pennsylvania from 10 a.m. until 3:00 p.m. Details on speakers and topics to follow. It's sure to be another great seminar that you won't want to miss!