Many Pennsylvania partnerships have received notices from the Pennsylvania Department of Revenue (PA DOR) during the past week. These notices are from the PA DOR’s Pass Through Business Office and are notifying partnerships of their obligation to withhold corporate net income tax on their non-filing corporate partners. This obligation was created when the 2003 Pennsylvania legislature passed Act 46 of 2003 and basically requires a Pennsylvania partnership to make estimated corporate net income tax payments on behalf of their corporate partners unless specific conditions are present. There was never much enforcement activity on this requirement until last year. In November 2008 we saw the first round of notices, and now this November we are seeing a second instance of notices.
On November 12, 2009, the Pennsylvania Housing Finance Agency (PHFA) released a draft of the 2010 Low-Income Housing Tax Credit Allocation Plan (the Plan). The Plan stresses that the ability to proceed will be an important criteria that PHFA will use in awarding 2010 tax credits. According to the Plan, applications may receive 45 out of a possible 180 total points for demonstrating their ability to proceed by providing evidence of site ownership, zoning approval, and site plan approval; submitting construction and architectural documents; and securing an equity investor for the development who provides a letter indicating that funds have been committed to the development. The Plan hints that there may be a second funding round for 2010 credits. The Plan indicates that applications for 2010 Low-Income Housing Tax Credits will be due to PHFA on February 26, 2010 and awards will be announced at PHFA’s July 2010 board meeting.
To discuss the draft Allocation Plan or how we can help you with your 2010 Low-Income Housing Tax Credit application, please contact Elizabeth Brooks at email@example.com.
What do many people think of when they hear the words “affordable housing”? Do they envision high-rise buildings in inner cities laden with roaches and crime? Do they think “the projects” and imagine a group of apartments in a state of disrepair? Do they want to emphatically say “Not in My Backyard!!”? Those of us who work in the affordable housing industry know that these misperceptions of affordable housing are a far cry from what affordable housing really is.
Affordable housing in the 21st century is the creation of homes that working families and seniors in their retired years have the financial means to live in. Much of affordable housing today is as creative and unique as it is commonsensical and practical. Affordable developments offer a wide array of supportive services that may include transportation, basic health screenings, wellness programs, and household management assistance. Many of today’s affordable developments also offer amenities such as computer labs, fitness equipment, and security systems.