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June 2010

FHLBank Pittsburgh Announces 2010 Funding Round

Fhlbpitts 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 or (717)761-7910 with questions.

GAO Issues Reports to Congress on American Reinvestment and Recovery Act Funding

GAOseal McKonly & Asbury had the opportunity to speak with several members of the United States Government Accountability Office (GAO) on June 18, 2010 regarding the GAO’s May 2010 report to Congress on the American Reinvestment and Recovery Act (ARRA) funding. The GAO has 16 state teams in place to monitor for and report to Congress about the ARRA funding. The Pennsylvania team, headed by Phil Herr and Mark Gaffigan, is monitoring, among other things, the use of TCAP and Exchange funds. The Pennsylvania team plans to visit five sites for GAO’s September 2010 Recovery Act report. See pages PA-21 through PA-24 of the May Report for specifics on GAO’s work in Pennsylvania.