McKonly & Asbury’s 2019 Spring Affordable Housing Seminar was held on June 19, 2019. The day began with an update from PHFA’s Holly Glauser, Director of Development at PHFA. Holly spoke about the 2019 LIHTC tax credit round. Holly announced that currently the 2020 LIHTC tax credit application deadlines are mid-September for the Intent to Submit and November 15, 2019 for the final application. PHFA is not anticipating holding a pre-application meeting for this round since the Qualified Allocation Plan will not change. Holly also spoke about Tax Exempt Volume Cap activity, average income, and the new compliance monitoring regulations. Finally, Holly gave a brief overview of the Affordable Housing Credit Improvement Act.
Next, Judy Crosby, Of Counsel at Kutak Rock LLP, presented a legislative update which took a deeper look into Holly's overview of the Affordable Housing Credit Improvement Act. Judy also spoke about what nonprofit organizations should be on the lookout for when they are developing a low-income housing tax credit property. Judy gave some excellent tips for how to structure the partnership agreement as well as had a great discussion on the importance of certain tax items for the general partner.
McKonly & Asbury’s next seminar is scheduled for October 22, 2019, in Camp Hill, Pennsylvania and will feature A.J. Johnson, President of A.J. Johnson Consulting Services, Inc.
McKonly & Asbury is a leader in accounting for affordable housing developments in Pennsylvania. IRS and PHFA regulations require specialized knowledge when planning and 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 McKonly & Asbury Team has the audit and tax expertise and experience needed. For more information, please contact us at [email protected].