“How long do we need to keep …” is a question we often hear from clients. No one wants to keep more paper than they need to, and no one wants to be missing that one piece of paper when they need it. A.J. Johnson of A.J. Johnson Consulting Services, Inc. provided the following list of records common to affordable housing developments and how long they should be retained.

On September 22, 2014, members of the McKonly & Asbury affordable housing team had the privilege of attending the groundbreaking ceremony for Mountain View Terrace in New Holland, Pennsylvania. This development will bring an affordable housing option to seniors in northern Lancaster County. The development will be in a lovely rural setting, with transportation service to local amenities. Welsh Mountain Home and Housing Development Corporation MidAtlantic (HDC) are partnering to develop the 36 unit apartment building. As Sharlene Woodruff from HDC stated it’s, “another great start to a new project that many new residents will call home.” For additional information visit Welsh Mountain Home’s web-site.

McKonly & Asbury is a leader in accounting and consulting for affordable housing developments in Pennsylvania. For more information, please visit our web-site or contact Elizabeth Harriger at eharriger@macpas.com.

The 10% Test deadline for developments that received a reservation of 2013 low-income housing tax credits in Pennsylvania is almost here. Developments receiving a reservation of 2013 low-income housing tax credits must have incurred 10% of their reasonably expected basis on or before October 12, 2014, and have until October 28, 2014, to submit the required information to the Pennsylvania Housing Finance Agency (PHFA). This is an important test because failure to satisfy it can cause a development to lose its tax credits.