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.
Tom Eastman, Vice President, Syndication, of Enterprise Community Investment, Inc. and Chris Herrmann, an underwriter with Enterprise Community Investment, Inc. spoke about underwriting low-income housing tax credit transactions. Tom gave an interesting history of Enterprise Community Investment along with an overview of the services they provide, an overview of their portfolio, and an update on current market conditions. Chris provided an in-depth look at how low-income housing tax credit deals are evaluated by Enterprise for underwriting.
Joanne Andrews, an analyst with Real Property Research Group, presented a brief “How to” Guide on market studies. Joanne talked about the components of a market study such as the market area definition, economic analysis, competitive analysis, and findings and recommendations.
Mike Hoffner, an audit partner at McKonly & Asbury, gave an overview of FAS 167 and consolidation considerations for affordable housing partnerships. Mike talked about the history of consolidation and where the industry is headed on this topic. Mike also discussed considerations for determining who has to consolidate and what implications consolidations of affordable housing entities will have.
Elizabeth Brooks, a principal in the affordable housing segment at McKonly & Asbury and one of the Affordable Housing Gurus, gave an overview of low-income housing tax credit legislation currently in the political pipeline.
McKonly & Asbury began our affordable housing seminar series in 2007 to educate our clients. We have featured speakers from the Pennsylvania Housing Finance Agency, the Department of Community and Economic Development, Pepper Hamilton, LLP, PNC Multifamily Capital, Rockport Mortgage, and other experts in the affordable housing community. McKonly & Asbury has been a provider of services to the affordable housing community since 1977, with expertise in servicing HUD, PHFA, Section 42 tax credits, Rural Development, and other affordable projects. Our services include audits and tax preparation, financial forecasting and modeling, cost certification audits, preparation of low-income housing tax credit and other funding applications, and other services to support affordable housing developers and managers.
Are you interested in learning more about our services or attending a future seminar or learning about future seminar topics? E-mail email@example.com and ask to be added to our e-mail list. We also welcome suggestions for future seminar topics.
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