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May 2018

McKonly & Asbury Spring 2018 Affordable Housing Seminar Recap

AH Seminar

McKonly & Asbury’s 2018 Spring Affordable Housing Seminar was held on May 18, 2018. The day began with an update from PHFA’s Holly Glauser. Holly spoke about the preliminary determinations of eligibility for the 2017/2018 low-income housing tax credits as well as the PHARE funding awards. Holly also talked about the 2019 qualified allocation plan and that a revised plan is in the works for review and discussion. The proposed PHFA deadline for the 2019 low-income tax credit applications is now November 16, 2018. Holly also discussed tax exempt volume cap activity and process as well as the Community Revitalization Tax Credit.

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Affordable Housing Developers & Investors Can Now Reap an Additional $2,000 Tax Credit for Each Unit Leased in 2017

IStock-905420814We are welcoming CJ Aberin, CCSP to our blog today. CJ is a Principal at KBKG and oversees the Green Building Tax Incentive practice. Read on as CJ talks about 45L credits and explains how it might not be too late for you to take advantage of them.

Affordable housing developers benefit from various tax credits from Low-Income Housing Tax Credits to Rehab Credits, yet they often fail to claim a tax credit that is geared towards their developments: the Section 45L Tax Credit. Section 45L is a commonly overlooked section of the tax code that was recently renewed and rewards energy efficient dwelling units with a $2,000 federal tax credit per eligible unit. Understanding how this specific tax credit works can lead to improved returns for both affordable housing developers and investors, especially since affordable housing typically requires an investment in energy efficiency.

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MAY wEBINARMcKonly & Asbury’s May webinar entitled “Tax Credit Opportunities for Historic Building Rehabilitations” will take place on Thursday, May 17, 2018.

The webinar will be hosted by McKonly & Asbury Senior Tax Manager, Mike Eby and Senior Audit Manager, Dan Kern, along with special guest, Bonnie Mark, Principal at Delta Development Group, Inc.

The presentation will provide an overview of the Federal and Pennsylvania historic preservation tax credit programs for income-producing properties. Specific discussions will include: 1) requirements that need to be met for a project to be eligible for the programs, 2) the application process, 3) accounting and cost certifications, 4) tax benefits of participating in the programs, 5) and recent changes to the Federal program due to Tax Reform.

Throughout the presentation, the hosts will draw from case study examples of local and national projects that they have participated in over the years. Developers, contractors, investors, and even businesses outside the real estate industry will find that there may be opportunities for them to participate in the incentives of these programs.