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October 2010

September 2010

PHFA Issues Draft 2011 Qualified Allocation Plan

PHFA_logo_300 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

Register Now! McKonly & Asbury Fall 2010 Affordable Housing Seminar

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McKonly & Asbury Fall 2010 Affordable Housing Seminar
Monday, October 18, 2010
10:00 a.m. – 3:00p.m.
Giant Community Center, 3301 East Trindle Road, Camp Hill, PA  17011

Join us for our fall 2010 seminar!

Speakers and Topics Include :

• Brian Shull, Senior Development Officer, PHFA - "Preservation Through Smart Rehab" program
•  Angela Tracy, PPL Electric Utilities - Discussion on the Low-Income Usage Reduction Program
•  A.J. Johnson, A.J. Johnson Consulting Services, Inc. - Discussion on project compliance issues 
•  Marylynn Sergent, U.S. Government Accountability Office - American Reinvestment and Recovery Act funding
• Josh Bantz, McKonly & Asbury, LLP – Tax Credit Project Forecasting

  There is a registration fee of $35, which includes lunch.
CPE credits are available.

Register now at

McKonly & Asbury Fall 2010 Affordable Housing Seminar Speakers Announced

Blog main pic  McKonly & Asbury is excited to announce the following speakers and topics for our Fall 2010 Affordable Housing Seminar to be held on October 18 at the Giant Community Center in Camp Hill, Pennsylvania!

Brian Shull of the Pennsylvania Housing Finance Agency will be speaking about the “Preservation Through Smart Rehab” program offered by the Agency.

As a compliment to Brian’s topic, we are pleased to have Angela Tracy from PPL Electric Utilities speak about PPL’s “WRAP” program, as well as the state-wide Low-Income Usage Reduction Program.

A.J. Johnson from A.J. Johnson Consulting Services, Inc. will be at the seminar to update us on new compliance issues, as well as recent and common IRS compliance findings. A.J. will also be speaking about what owners should be communicating to property managers about compliance, and giving examples of common non-compliance issues found and how to cure a non-compliant unit.

Members of the United States Government Accountability Office will be giving a brief overview of their most recent report to Congress on the American Reinvestment and Recovery Act funding.

Josh Bantz, one of McKonly & Asbury’s Affordable Housing Gurus, will be giving an overview of financial forecasts for tax credit partnerships.

Registration details coming soon!