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October 2012

September 2012

PHFA Requiring Statements for Multiple Building Projects

PHFA_logo_300The 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 [email protected] or (717)761-7910.

IRS Releases September LIHTC Rates

IRSThe Internal Revenue Service has released Rev. Rul. 2012-24 which contains the LIHTC rates and applicable federal rates for September 2012. The 70% LIHTC rate is 7.35 and the 30% LIHTC rate is 3.15. Note that for non-federally subsidized new buildings placed in service after July 30, 2008, and before December 31, 2013, the 70% LIHTC rate will not be less than 9%. For historical rates, click here.

Register Now for McKonly & Asbury's Fall 2012 Affordable Housing Seminar!

Blog main picMcKonly & Asbury will be holding a two-day seminar on November 13 and 14 which will feature two days of training for experienced low-income housing tax credit property managers and professionals. We are pleased to welcome back A.J. Johnson of A.J. Johnson Consulting who will be providing the training. A.J. will be covering a wide range of LIHTC topics including placed in service issues for both acquisition and rehabilitation developments, how to calculate rents and fees, minimum set-aside tests, and determining utility allowances. For a complete list of topics to be presented, see our Events page. At the end of the training on the second day, participants will have the option of taking a certification examination to become a Housing Credit Certified Professional (HCCP) which is a nationally recognized designation through the National Association of Home Builders.

Location:  Radisson Hotel Harrisburg, 1150 Camp Hill Bypass, Camp Hill, Pennsylvania 17011 in the Convention Center Building. 

Time:    November 13 9:00 a.m. – 4:30 p.m. – Training
             November 14 9:00 a.m. – 11:30 a.m. – Training
             November 14 11:30 a.m. – 4:15 p.m. – HCCP Certification Examination

Fee:       $325 for training only (includes lunch on November 13)
             $499 for training and certification exam (includes lunch on both days)

**Register by October 1 to receive $25 early registration discount**

Click here for registration information

Contact [email protected] or Melissa Roberson at (717)761-7910 with questions.