The Pennsylvania Housing Finance Agency (PHFA) issued a memo on August 17, 2012, applicable to all multiple building projects. PHFA is requiring that all owners that answered “yes” to question 8b on IRS Form 8609 (click here to see an example) must submit a statement to PHFA detailing the project’s name and address; BIN for each building in the project; total credit amount for the project; and credit amount allocated to each building in the project. The information PHFA is requesting was most likely submitted to the IRS with initial submission of the IRS Form 8609. The information is required to be submitted to PHFA on or before September 30, 2012.
According to Kathy Esworthy of PHFA, in mid-September only approximately 2% of projects were compliant with this request. Kathy stated that beginning in 2013 PHFA will not allow transfers between buildings in projects that have not filed the required statement.
If you have questions or need assistance preparing the schedule, McKonly & Asbury would be happy to help. Contact Elizabeth Brooks at firstname.lastname@example.org or (717)761-7910.