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.

It’s 10% Test Season again! Developments receiving a reservation of 2014 low-income housing tax credits in Pennsylvania in Cycle 1 must incur 10% of their reasonably expected basis (REB) on or before September 25, 2015, and have until September 30, 2015, to submit the required information to the Pennsylvania Housing Finance Agency (PHFA). Developments receiving a reservation of 2014 low-income housing tax credits in in Pennsylvania in Cycle 2 must incur 10% of their REB on or before November 21, 2015, and have until November 25, 2015, to submit the required information to PHFA. This is an important test because failure to satisfy it can cause a development to forfeit its tax credits.

The Pennsylvania Housing Finance Agency (PHFA) has issued a draft of their 2016 Qualified Allocation Plan (QAP). According to Holly Glauser, PHFA's Director of Development, who spoke about the QAP at McKonly & Asbury's June Affordable Housing Seminar, there will be surveys and focus groups during July and August, with preliminary approval of the QAP anticipated on September 9, and final approval anticipated on October 8.

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 January 9, 2016. The entire application package is due to PHFA by 3:00 p.m. on March 4, 2016.It appears that the requirements for the 2016 application will be similar to the application requirements for the 2015 application. Stay tuned for further details!

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 [email protected] 

Today the Pennsylvania Housing Finance Agency announced the developments receiving 2015 awards of low-income housing tax credits. Congratulations to all of the organizations 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 audit; 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 protected]

PHFA received 103 Low-Income Housing Tax Credit applications for the 2015 funding cycle. Those 103 applications are competing for approximately $29 million of tax credits to be allocated in Pennsylvania. PHFA expects to announce tax credit awards no later than their June 11, 2015, board meeting.

The 10% Test deadline for developments that received a reservation of 2013 low-income housing tax credits in Pennsylvania is almost here. Developments receiving a reservation of 2013 low-income housing tax credits must have incurred 10% of their reasonably expected basis on or before October 12, 2014, and have until October 28, 2014, to submit the required information to the Pennsylvania Housing Finance Agency (PHFA). This is an important test because failure to satisfy it can cause a development to lose its tax credits.

Governor Tom Corbett last week announced the award of $20.4 million in federal tax credits and $8.5 million in federal PennHOMES funding for the construction of 24 affordable, multi-family housing developments in suburban and rural areas of Pennsylvania.

The tax credits are administered by the Pennsylvania Housing Finance Agency (PHFA) and were approved by its board.

The board of the Pennsylvania Housing Finance Agency has approved $16.8 million in low-income housing tax credits and $1.9 million in PennHOMES funding for the construction of affordable multifamily housing developments located in urban centers throughout Pennsylvania. The tax credits awarded to developers will be used to attract more than $160 million in funding for building, and rehabilitating, multifamily housing offering affordable rents.

“Today’s investment to expand affordable rental housing across Pennsylvania will benefit the state for decades,” said PHFA Executive Director and CEO Brian A. Hudson, Sr. “In the short term, these tax credits will help fund the construction of multifamily house, which stimulates jobs. Plus, once they are built, these new developments will provide much-needed affordable housing for Pennsylvania families and seniors. The benefits generated by this investment in housing will be significant.”

The provision of tax credits and PennHOMES funding will help support the construction of 19 new and rehabilitated developments statewide. When completed, these developments will provide an additional 867 rental housing units for Pennsylvania residents.

One proposal being awarded tax credits was selected by a jury of affordable housing professionals under an “Innovation in Design” category. The Brew House, located in Pittsburgh, will create affordable and market-rate housing opportunities for local artists in a historic building in the South Side neighborhood. It received special recognition due to its excellence in design, its implementation of current and future energy efficient technologies, and its leveraging of community and capital resources.

The 19 multifamily housing proposals being awarded tax credits are identified on the PHFA website. A second round of funding for developments in rural and suburban areas will be announced in July.

The Pennsylvania Housing Finance Agency (PHFA) issued a draft of their 2013 Qualified Allocation Plan (QAP). For 2013, PHFA will be accepting applications in two cycles. Developments located in “urban” areas will be accepted on November 2, 2012, while all other applications, which will be considered “suburban/rural,” will be accepted on February 15, 2013. PHFA has established preferences for the 2013 credits in each cycle which include: general occupancy, senior occupancy (ages 62 and older), properties furthering the preservation of affordable housing, applications for supportive housing, community revitalization developments, areas of opportunity, and strategic investment developments. PHFA may also provide a preference to developments using Pennsylvania sponsored pilot programs or meeting specific market needs or PHFA goals.

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 Elizabeth Brooks at [email protected].

The board of the Pennsylvania Housing Finance Agency approved $11.8 million in funding and $28.5 million in tax credits for the construction of affordable multifamily housing developments located throughout Pennsylvania.
In total, PHFA announced funding for 32 developments statewide. This funding will be used to leverage local, state, federal and private financial resources needed to complete the financing plans for these construction initiatives.

These multifamily developments create affording housing opportunities for families and seniors across Pennsylvania, and they promote vital economic activity in rural and urban communities. When completed, the new developments will provide an additional 1,579 housing units for Pennsylvania residents.

“The competition was intense for this affordable housing funding and we were pleased with the high quality of the 96 proposals we received this year,” said PHFA Executive Director and CEO Brian A. Hudson Sr.

“This funding, and the tax credits we award, are vital to the housing needs of the state’s residents because they are the main tools we have for directing the construction of critically needed affordable housing across Pennsylvania. These multifamily developments will benefit the local communities where they’re located because of the economic boost they’ll provide during construction, and then later when the residents move in.”

The 32 multifamily housing proposals that today are being awarded PHFA funding and tax credits are identified here.

About PHFA
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for older adults, low- and moderate-income families, and
people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated $10.5 billion of funding for more than 147,555 single-family home mortgage loans and 83,000 rental units, while saving the homes of more than 46,000 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities, not by public tax dollars. PHFA is governed by a 14-member board.

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 audit; 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 Elizabeth Brooks at [email protected].