The Affordable Housing Gurus blog site is ready to grow and become more than it was!  We are joining with the main blog on McKonly & Asbury’s website, www.macpas.com/blog.  

McKonly & Asbury’s blog keeps subscribers up-to-date on the latest business and financial information across a variety of industries as well as upcoming webinars and presentations to help your business profit. You’ll still see our articles, of course, but it will also have other subject matter to bring new, different, and interesting content straight to your desktop.

As a subscriber to the Affordable Housing Gurus, we will automatically transfer your subscription. We look forward to seeing you there!

Governor Tom Wolf recently signed legislation that established a Pennsylvania low-income housing tax credit (LIHTC)! S.B. 30 creates this state tax credit, which is designed to encourage the development of quality affordable housing in Pennsylvania.

The Pennsylvania LIHTC will be administered by the Pennsylvania Housing Finance Agency and the Pennsylvania Department of Revenue. The requirements for the credits will follow the federal LIHTC.

Governor Tom Wolf this week announced awards totaling $42 million in Low-Income Housing Tax Credits, $6.08 million in PennHOMES funding, and $12.6 million in National Housing Trust Funds for the construction of 36 affordable multifamily housing developments in Pennsylvania. The federal tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board.

“These investments in housing benefit everyone because communities need housing for people at all income levels if they are to stay vibrant and growing,” said Gov. Wolf. “Demand is high for these tax credits because they make possible the construction of affordable rental housing that otherwise wouldn’t be financially feasible.”

When completed, the developments receiving funding today will preserve and create an additional 1,785 rental units for Pennsylvania residents, including 70 for people at or below 30 percent of the area median income supported by the National Housing Trust Funds.

“Low Income Housing Tax Credits are essential because they draw on public-private partnerships to achieve the construction of affordable rental housing that might otherwise never be built,” said PHFA Executive Director and CEO Robin Wiessmann. “The allocation of this funding reflects our commitment to address the affordable housing crisis, and the public-private investments that are being made will provide a stimulus to Pennsylvania’s economy.”

The 36 multifamily housing proposals that have been awarded tax credits can be viewed here.

Registration is now open for McKonly & Asbury’s 2020 Fall Affordable Housing Webinar. The webinar will be held on Thursday, September 24, 2020, and features A.J. Johnson! 

A.J. Johnson is President of A.J. Johnson Consulting Services, Inc., a full service real estate consulting firm specializing in due diligence and asset management issues, with a particular emphasis on properties utilizing the Low-Income Housing Tax Credit. A.J. will be presenting on a variety of LIHTC topics during this webinar. This training will cover LIHTC topics such as: eligible and qualified basis, applicable fraction, credit calculation, placed in service issues, available unit rule, employee units, mixed income properties, vacant unit rule, and more!

Webinar Agenda:

• Morning session from 9:00am to 11:30am with a 15-minute break
• 1.5-hour lunch break from 11:30am to 1:00pm
• Afternoon session from 1:00pm to 3:30pm with a 15-minute break

Continuing Education:

Attendees are eligible for 5.25 Continuing Professional Education Hours (Specialized Knowledge). The level of the content is intermediate to advanced and prior knowledge of and experience with the Low-Income Housing Tax Credit is the only prerequisite.

Registration:

The webinar training fee is $150. The training link will be sent to attendees via email closer to the date.

Click here to register and contact us at affordablehousing@macpas.com with any questions. We look forward to you joining us!

We are excited to have A.J. Johnson back again this fall! He is President of A.J. Johnson Consulting Services, Inc., a full service real estate consulting firm specializing in due diligence and asset management issues, with a particular emphasis on properties utilizing the Low-Income Housing Tax Credit. More information on his topics for this year’s presentation will be forthcoming.

Due to the continued uncertain situation caused by COVID-19, McKonly & Asbury has decided to move our 2020 Fall Affordable Housing Seminar to a webinar format. The date will remain the same and the webinar will be held on Thursday, September 24, 2020 from 9:00AM – 3:30PM, with a 15-minute break in the morning and afternoon as well as a 1.5 hour lunch break built in for attendees.

Stay tuned for additional information, including how to register for this webinar. Thank you again for your flexibility, and we look forward to connecting with you soon. Stay safe and healthy!

The last webinar in our 2020 Spring Affordable Housing Webinar Series was held on Tuesday, June 17. This webinar featured special guest, Holly Glauser (Director of Development at PHFA) who provided an update on LIHTC developments at PHFA.

You can watch the full presentation here: https://youtu.be/IeEM9GcWjwQ.

You can download a copy of the slides presented by clicking here.

If you have any questions regarding the material covered in this webinar, please contact Elizabeth Harriger, Partner & Director of Affordable Housing Services at McKonly & Asbury by emailing eharriger@macpas.com.

The second webinar in our 2020 Spring Affordable Housing Webinar Series was held on Tuesday, June 9. In this webinar, Elizabeth Harriger (Partner & Director of Affordable Housing Services) and Josh Bantz (Senior Manager) with McKonly & Asbury reviewed the placed in service requirements per the PHFA checklist and discussed each item needed.

You can watch the full presentation here: https://youtu.be/nSPLNeSC7l0

You can download a copy of the slides presented by clicking here. If you are interested in reviewing the Placed-In-Service Package attachment that we reference, you can do so here. Also, during the webinar, our team discussed a document that PHFA has been updating regarding changes and updates related to COVID-19. Question #59 at this link addresses the Placed-In-Service Package: https://www.phfa.org/forms/multifamily_news/news/2020/phfa-covid19-qa-051120.pdf.

If you have any questions regarding the material covered in this webinar, please contact Elizabeth Harriger, Partner & Director of Affordable Housing Services at McKonly & Asbury by emailing eharriger@macpas.com. And be sure to join us for our next webinar on June 17^th that features a PHFA Update from Holly Glauser, Director of Development at PHFA. You can view more details and register by clicking here.

The first webinar in our 2020 Spring Affordable Housing Webinar Series was held on Tuesday, June 2, 2020. This webinar featured special guest, Fred Banuelos (Community Investment Business Development Manager at FHLBank Pittsburgh) who provided a presentation on the funding available from FHLBank Pittsburgh for the 2020 funding round.

During this webinar, attendees learned:

• The type and amount of funding available in 2020 from FHLBank Pittsburgh.
• The timeline for and steps to apply for above funding.
• What types of developments qualify for FHLBank funding.

You can watch the full presentation here: https://youtu.be/UMHrc0gfwrE

You can also download a copy of the slides by clicking here.

The Pennsylvania Housing Finance Agency (PHFA) has issued guidance on extensions of 10% Tests and Placed in Service Dates as a result of COVID-19. 

2019 Developments that entered into a Carryover Agreement prior to March 30, 2020, will receive a six month extension to meet the 10% Test. The new deadline for those owners to incur more than 10% of the Development's reasonably expected basis is April 25, 2021. Developments that were awarded a Forward Commitment of 2020 Low-Income Housing Tax Credits (LIHTC) and entered into a Carryover Agreement in April 2020 will also have until April 25, 2021, to incur more than 10% of the Development's reasonably expected basis.

Registration is now open for our 2020 Spring Affordable Housing Webinar Series, so be sure to register today!

AHP Funding Opportunities: Tuesday, June 2, 2020 at 2:00pm EST

This webinar features special guest, Fred Banuelos (Community Investment Business Development Manager at FHLBank Pittsburgh). During this webinar, Fred will discuss funding available from FHLBank Pittsburgh for the 2020 funding round.

Learn more and register here: https://register.gotowebinar.com/register/1707563954872536080

Placed In Service Package Review: Tuesday, June 9, 2020 at 2:00pm EST

In this webinar, Elizabeth Harriger (Partner & Director of Affordable Housing Services) and Josh Bantz (Senior Manager) with McKonly & Asbury will review the placed in service requirements per the PHFA checklist and discuss each item needed.

Learn more and register here: https://register.gotowebinar.com/register/220975855607566352

PHFA Update: Wednesday, June 17, 2020 at 2:00pm EST

This webinar features special guest, Holly Glauser (Director of Development at PHFA) who will provide an update on LIHTC developments at PHFA including revised deadlines due to COVID-19, status of 2020 LIHTC application awards, and other new developments.

Learn more and register here: https://register.gotowebinar.com/register/1095453737061633296

Each of these one hour-long webinars will offer one “Specialized Knowledge” CPE credit to attendees. The programs are live webinars which offer you the opportunity to ask questions and interact with the presenters. We look forward to you joining us!