Holly Glauser, Director of Development at the Pennsylvania Housing Finance Agency (PHFA), talked about getting back to the new “normal” at PHFA. Holly gave an update on the status of the 2009 Tax Credit Assistance Program funds and the Section 1602 Exchange funds. Holly also gave an update on the status of the 2010 tax credit application process where she stated that over 80% of the applications were submitted with an equity investor and applications without investors or which have significant financing gaps have been put on hold. Holly stated that the average equity pay-in was $.71. According to Holly, 85 applications were received in Pennsylvania requesting $74.7 million of tax credits while only $23.7 million of tax credits are available to the Commonwealth. Holly stated that the 2011 Qualified Allocation Plan is expected to be released in the fall of 2010 and that PHFA anticipates an application deadline of December 15, 2010 or January 15, 2011 for the 2011 low-income housing tax credit round.
Senator Maria Cantwell (D-WA) introduced legislation yesterday called the Job Creation and Affordable Housing Act (S. 3326). The bill would extend the Section 1602 Exchange Program for one year and increase the carryback period for low-income housing tax credits from one year to five years. Senator John Kerry (D-MA) and Senator Barbara Boxer (D-CA) co-sponsored the bill. A copy of the bill was not available at the time of this post.
To hear more about current legislation affecting the low-income housing tax credit industry, attend McKonly & Asbury’s Spring Affordable Housing Seminar on May 14, 2010.