On August 28, 2015, McKonly & Asbury had the privilege of hosting a picnic for the residents of Marietta Senior Apartments in Marietta, Pennsylvania. Over thirty residents joined in the festivities, along with a few of the staff of Community Basics, Inc., the developer/manager of the property; and Tabor Community Services, the property’s Supportive Services provider.

Held on-site at the apartment building, the McKonly & Asbury crew arrived with food and beverages for all. Lunch was followed by a few rousing games of bingo, which seemed to be enjoyed by everyone.

While our team of accounting, tax, and consulting professionals are well known for their financial expertise serving affordable housing owners, it was great to interact with some of the individuals who benefit from the developments we provide services for. 

The clients that we serve provide over 7,000 units of quality, safe, affordable housing.

It’s 10% Test Season again! Developments receiving a reservation of 2014 low-income housing tax credits in Pennsylvania in Cycle 1 must incur 10% of their reasonably expected basis (REB) on or before September 25, 2015, and have until September 30, 2015, to submit the required information to the Pennsylvania Housing Finance Agency (PHFA). Developments receiving a reservation of 2014 low-income housing tax credits in in Pennsylvania in Cycle 2 must incur 10% of their REB on or before November 21, 2015, and have until November 25, 2015, to submit the required information to PHFA. This is an important test because failure to satisfy it can cause a development to forfeit its tax credits.