The Internal Revenue Service has released Rev. Rul. 2012-20 which contains the LIHTC rates and applicable federal rates for July 2012. The 70% LIHTC rate is 7.37% and the 30% LIHTC rate is 3.16%. For historical rates, click here.
Individuals and organizations that are creating quality housing opportunities for Pennsylvanians with disabilities can be nominated for the state’s 2012 Supportive Housing Award. Nominations are due by Aug. 17. 2012.
The award is sponsored by the departments of Public Welfare and Aging and the Pennsylvania Housing Finance Agency. It recognizes significant efforts to increase the availability of supportive housing for individuals with disabilities, including older Pennsylvanians.
A.J. Johnson of A.J. Johnson Consulting Services, Inc. was the featured speaker at this spring’s seminar. A.J. spoke about two topics. The first topic was compliance for developments funded with tax-exempt bonds. A.J. explained what a tax-exempt bond is, highlighted the similarities and differences between tax-exempt bonds and low-income housing tax credits, discussed income requirements, and discussed the qualified project period. The second topic of the day was maintaining low-income housing tax credit compliance. A.J. walked through the IRS Form 8823 and explained what needs to be done to avoid the various noncompliance issues that could be reported on the 8823.
We hope you’ll join us for two days of training on November 13 & 14, 2012. This training is for experienced LIHTC project managers and LIHTC industry professionals, and includes the option to take the certification examination to become a Housing Credit Certified Professional (HCCP). Topics to be covered include LIHTC program background, determining utility allowances, minimum set-aside tests, income eligibility issues, calculation of first-year and annual credits, and using HOME funds with the LIHTC. For more details on this training and registration information, click here.
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 audit 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 protected] and ask to be added to our e-mail list. We also welcome suggestions for future seminar topics.