PHFA Releases Final 2016 Qualified Allocation Plan
10/26/2015
The Pennsylvania Housing Finance Agency (PHFA) issued the final 2016 Qualified Allocation Plan (QAP).
Applicants will be required to submit an Intent to Submit a Tax Credit Application - Fact Sheet and Development Synopsis on or before January 8, 2016. According to information presented at the Pre-Application Workshop on October 22, 2015, this information is to be submitted electronically along with an operating budget and related narrative. A major change for this year is that applications must be submitted electronically, along with one bound paper copy. The entire application package is due to PHFA by 3:00 p.m. on March 4, 2016 in both electronic and paper form.
PHFA indicated that as a result of focus groups and discussions with developers, they have made the scoring criteria more transparent which can especially be seen in the Community and Economic Impact section of the QAP.
PHFA anticipates that the application package will be available on their web-site in early November. PHFA is also anticipating a webinar in early December to cover the new electronic submission requirements.
McKonly & Asbury is a leader in preparing and consulting on low-income housing tax credit applications in Pennsylvania. Our team is passionate about making your application a success. We have a comprehensive understanding of the challenges and nuances of structuring a low-income housing tax credit deal. We are able to assist you in putting the entire application package together for submission, or we can review your application and provide suggestions for optimizing points for PHFA scoring. We will help you maximize your tax credits and, therefore, increase your equity proceeds. For more information, please contact us at affordablehousing@macpas.com.
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