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McKonly & Asbury Fall Affordable Housing Seminar Recap
McKonly & Asbury’s 2018 Fall Affordable Housing Seminar was another outstanding day of training. The seminar was held on October 11, 2018, in Camp Hill, Pennsylvania. McKonly & Asbury was pleased to welcome back A.J. Johnson as our speaker. A.J. served as a technical advisor to Congressional staff during the drafting of both the Low-Income Housing Tax Credit Program and the Fair Housing Amendments Act of 1988. Currently, A.J. is President of A.J. Johnson Consulting Services, Inc., a full service real estate consulting firm specializing in due diligence and asset management issues, with a particular emphasis on properties utilizing the Low-Income Housing Tax Credit.
A.J. started the day with a summary of findings in the recent GAO report. He went on to discuss two more hot industry topics, which were income averaging and opportunity zones. Next came a discussion on IRS Forms 8823 and 8609. A.J. finished the morning session by covering issues relating to developing occupied rehabilitation properties. The afternoon session was focused on tenant file management and documentation for low-income housing tax credit properties.
A.J. offered many real life examples, and there was plenty of time for questions so participants could get A.J.’s opinion on specific issues. The seminar was also a great networking opportunity.
We look forward to A.J. joining us again next year on October 29, 2019. Mark your calendars now!
McKonly & Asbury’s services include audit and tax preparation, development cost certifications, 10% Tests, 50% Tests, preparation of low-income housing tax credit and other funding applications, financial forecasting, and other services to support affordable housing developers and managers. Are you interested in learning more about McKonly & Asbury’s services or attending a future seminar? E-mail email@example.com and ask to be added to our e-mail list. We also welcome suggestions for future seminar topics.
Legislation Introduced to Create Pennsylvania State Housing Tax Credit
Legislation was recently introduced by Sen. Tom Killion (R-Delaware) to create a Pennsylvania Housing Tax Credit (“PHTC”). The legislation allows for $10 million in credits per fiscal year.
The guidelines for the PHTC will be created by the Pennsylvania Housing Finance Agency and are expected to be similar to those of the federal Low-Income Housing Tax Credit (“LIHTC”). The eligible applicants and eligible uses will reflect those allowed by the LIHTC. One exception to those similarities is that the credit period for the PHTC will be 5 years as opposed to the 10 year LIHTC credit period.
The legislation calls for the credits to be allocated in a way that results in at least 10% of the credits providing housing that targets households with incomes at or below 30% of area median income.
Recapture guidelines will be similar to those for the LIHTC program. Additionally, PHFA and the state must be notified of any federal LIHTC recapture.
The PHTC and the LIHTC can be sold to different entities.
McKonly & Asbury is a leader in auditing and tax preparation for affordable housing partnerships. State housing finance agency and IRS regulations require specialized knowledge when performing audits and preparing tax returns for affordable housing partnerships. The Affordable Housing Team at McKonly & Asbury has the audit and tax expertise and experience needed to complete accurate and efficient audits and tax returns. For more information, please contact our Affordable Housing Team at firstname.lastname@example.org.
Picnic at Westminster Place at Queen Street
McKonly & Asbury's Affordable Housing Team recently had the privilege of hosting a picnic for the residents of Westminster Place at Queen Street in York, Pennsylvania. Approximately two dozen residents participated, along with some staff of Presbyterian Senior Living, the developer/manager of the property.
Held in the community room at the apartment building, the McKonly & Asbury team arrived with food and beverages for all. Lunch was followed by Bingo, which was a hit with the residents.
After the festivities, our team got a tour of the building which included one resident opening her apartment for us to visit. We enjoyed learning about the amenities, services, and activities provided at Westminster Place at Queen Street, but our favorite part was meeting and interacting with the residents.
McKonly & Asbury believes in building purpose through profits, using our firm’s strengths and resources to make giving back an integral part of who we are.
McKonly & Asbury is a leader in accounting and consulting for affordable housing developments in Pennsylvania. For more information, please visit our web-site or contact email@example.com The clients that we serve provide over 7,000 units of safe, quality, affordable housing.
McKonly & Asbury Delivers School Supplies and Backpacks
McKonly & Asbury and GN Management, Inc. partnered together to help children and families living at GN’s Boiling Springs Apartments prepare for the upcoming school year.
McKonly & Asbury believes in building purpose through profits, using our firm’s strengths and resources to make giving back an integral part of who we are. Our team was excited to collaborate with GN Management, Inc. to collect and assemble back to school supplies.
McKonly & Asbury team members collected school supplies throughout the summer at its Camp Hill and Lancaster office locations to donate to the families living at Boiling Springs Apartments, a general occupancy affordable housing community in Boiling Springs. Members of the firm’s Service Committee and Affordable Housing Team, traveled to the property recently to hand out the school supplies to students and their families. Donations included 36 backpacks filled with school supplies including water bottles, calculators, notebooks, and more.
McKonly & Asbury is a leader in accounting and consulting for affordable housing developments in Pennsylvania. For more information, please visit our website or contact firstname.lastname@example.org.
Registration is Open! McKonly & Asbury Fall Affordable Housing Seminar
Registration is now open for McKonly & Asbury’s next Affordable Housing Seminar to be held on Thursday, October 11, 2018.
You won’t want to miss this seminar! It is full of hot topics in the Low-Income Housing Tax Credit industry.
We are excited to once again welcome A.J. Johnson as our speaker. A.J. will be covering two sets of topics and you may choose to attend just the morning or afternoon session or both!
- Income Averaging
- Opportunity Zones
- IRS Form 8823
- IRS Form 8609
- Occupied Rehab Issues
- File Management and Documentation for LIHTC Properties. This part of the seminar will cover the important, but often overlooked, role that file management and documentation play in the success of tax credit properties. Detailed discussion of how to organize a file, the documents required for each file, setting up the “Property Notebook,” and acceptable forms of verification for all issues relating to eligibility are covered. The course also includes a full review of resident eligibility issues, with particular emphasis on the documentation of income.
This seminar will also include a light breakfast, lunch, and networking.
Attendees are eligible for 5.5 “Specialized Knowledge” Continuing Professional Education Hours. The morning training is appropriate for senior management staff, developers, and others involved in structuring low-income housing tax credit deals. The level of content is Intermediate to Advanced and a basic understanding of the LIHTC program is the only prerequisite. The afternoon training is appropriate for management staff, developers, owners, and others involved in maintaining LIHTC compliance. The level of content is basic and there are no prerequisites.
Date: Thursday, October 11, 2018
Time: 9:00AM – 3:30PM (registration and a light breakfast begin at 8:30 AM)
Location: Giant Community Center – inside the Giant Food Store at 3301 East Trindle Road, Camp Hill, PA 17011
$195 for full day (includes lunch)
$100 for morning (does not include lunch)
$100 for afternoon (does not include lunch)
We hope to see you there!
Click here to register.
If you have any questions, please contact email@example.com or call Melissa Roberson, Marketing Manager with McKonly & Asbury, at (717) 972-5822.