PHFA Issues Draft 2011 Qualified Allocation Plan
The Pennsylvania Housing Finance Agency (PHFA) issued a draft of their 2011 Qualified Allocation Plan (QAP). PHFA is proposing a significant change in the way they process the multifamily applications for 2011. According to the draft QAP, applicants will be required to submit a Preliminary Application on or before November 5, 2010. The draft QAP indicates that the Preliminary Application will be evaluated based on the following selection criteria: Neighborhood Characteristics; Site Suitability and Building Location; Availability, Quality, and Proximity of Services, Amenities, and Features; and Marketability/Need. According to the draft QAP, if an applicant’s Preliminary Application is approved by PHFA, applicants may then submit an Underwriting Application to PHFA by March 1, 2011. It appears that the requirements for the Underwriting Application will be similar to the application requirements for the 2010 applications. Stay tuned for further details!
McKonly & Asbury is a leader in preparing and consulting on low-income housing tax credit applications in Pennsylvania. Our team is passionate about making your application a success. We have a comprehensive understanding of the challenges and nuances of structuring a low-income housing tax credit deal. We are able to assist you in putting the entire application package together for submission, or we can review your application and provide suggestions for maximizing points for PHFA scoring. We will help you maximize your tax credits and, therefore, maximize your equity proceeds. For more information, please contact Elizabeth Brooks at email@example.com.