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McKonly & Asbury Holds Fall 2013 Affordable Housing Seminar

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McKonly & Asbury presented our fall affordable housing seminar on Tuesday, September 24, 2013, at the Giant Community Center in Camp Hill, Pennsylvania.

A.J. Johnson of A.J. Johnson Consulting Services, Inc. was the featured speaker at this fall’s seminar. A.J. spoke about four main topics. The first topic was general management requirements of low-income housing tax credit projects. A.J. talked about the rental application process including resident eligibility, household size, and income verification. A.J. also spoke about common area fees and commercial use in low-income housing tax credit developments. The second topic A.J. covered was the HUD Section 8 Program. A.J. gave an introduction to the program and discussed tenant eligibility as well as how to calculate income and rent under the program. A.J. highlighted the changes to HUD Handbook 4350.3, Change 4 and talked about combining the Section 8 and low-income housing tax credit programs. The third topic A.J. covered was the Rural Housing Section 515 Program. A.J. discussed combining the Section 515 program with low-income housing tax credits. A.J. also discussed tenant eligibility, income requirements, and rent requirements under the Section 515 Program. The final topic A.J. covered was

trends and pending issues in the low-income housing tax credit program and in fair housing. A.J. discussed the possible elimination of the floating rate methodology for determining the applicable percentage by fixing the housing credit rates at 9% for non-federally subsidized buildings and 4% for tax-exempt bond financed developments. A.J. also mentioned the possibility of synchronizing the credit and compliance periods to ten years each with an extended use period of 20 years to maintain the current 30-year affordability period. A.J. also stated there are recommendations to expand the annual amount of 9% credits but possibly use a different allocation formula than is currently in place. A.J. discussed a number of other pending issues.

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 affordablehousing@macpas.com and ask to be added to our e-mail list. We also welcome suggestions for future seminar topics.

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