On Friday, July 15, 2016, Governor Tom Wolf announced awards of $40.3 million in tax credits and $5.9 million in PennHOMES funding for the construction of 39 affordable multifamily housing developments located throughout Pennsylvania. The tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board. The tax credits awarded to developers will be used to attract more than $407 million of investment funding for building, and rehabilitating, multifamily housing offering affordable rents.“This tax credit program touches many lives by making affordable housing available through a powerful partnership between the
public and private sectors,” said Governor Wolf.“Pennsylvania communities win because the program makes possible the construction of housing for seniors, veterans and others that wouldn’t be possible otherwise.” When completed, the developments receiving funding today will preserve and create an additional 1,875 rental housing units for Pennsylvania residents. “The funding available through tax credits is in such high demand that every year we are only able to support about a third of the developments that apply,” said PHFA Executive Director and CEO Brian A. Hudson Sr. “This demonstrates not only the demand for more affordable housing but also the strong private sector interest in this program.” One proposal receiving tax credits today was selected by a jury of affordable housing professionals for a funding award under the “Innovation in Design” category. Morningside Crossing, located in Pittsburgh, is being developed by a.m. Rodriguez Associates, Inc., and will consist of the historic rehabilitation and new construction of 46 affordable units for seniors at the former Morningside Elementary School. This proposal will provide an inter-generational community development through the co-location of the Morningside Community Center at the site. For the seniors living there, age 62 and over, significant resources and programming will target their physical, mental, social and recreational needs. Additionally, the adaptive re-use of the building will follow Passive House design, plus the energy usage of both the residential and commercial components of the building will be monitored to ensure efficiency. The 39 multifamily housing proposals that are being awarded tax credits can be viewed here
Congratulations to all of the developers who received awards and thank you for providing quality, affordable housing!
McKonly & Asbury is a leader in accounting for affordable housing developments in Pennsylvania. IRS and PHFA regulations require specialized knowledge when accounting for LIHTC developments whether it's performing a 10% Test or Development Cost Certification; or performing development stage audits and preparing partnership tax returns. The M&A Team has the audit and tax expertise and experience needed. For more information, please contact us at email@example.com.
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