PHFA Issues Draft 2017/2018 Qualified Allocation Plan
The Pennsylvania Housing Finance Agency (PHFA) has issued a draft of their 2017/2018 Qualified Allocation Plan (QAP).
According to the draft QAP, applicants will be required to submit an Intent to Submit a Tax Credit Application - Fact Sheet and Development Synopsis on or before July 7, 2017. The entire application package is due to PHFA by 3:00 p.m. on September 8, 2017.It appears that the requirements for the 2017/2018 application will be similar to the application requirements for the 2016 application with a couple of significant proposed changes. One proposed change is the increase of the developer's fee being calculated at 12% of replacement costs less all costs of acquisition rather than the previous 10% of replacement costs less all costs of acquisition. Another proposed change is the awarding of points for Section 811 participation.
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 firstname.lastname@example.org.
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