When you select McKonly & Asbury to work with you in the Affordable Housing industry, you can have confidence that you will be dealing with professionals who know the industry. We have relationships with the Pennsylvania Housing Finance Agency, other funding sources, and investors and can assist developers in connecting with them or working through issues with them.
Our firm is a recognized leader in providing audit, tax, and consulting services to owners, developers, and property management organizations. We help developers and managers do all the right things so they can continue to create affordable housing! Be sure to follow our Gurus on Twitter for the latest news and updates!
“I like that they question the old way of doing things and find more efficient ways of reporting financials. I like the instant responses from Suralink.”
“The McKonly & Asbury team is highly knowledgeable in affordable housing and we value their knowledge base. They are willing to provide assistance and guidance when asked. Further, the firm has low turnover and therefore they continue to gain and retain knowledge about our organization every year.”
“High quality, competent staff is the norm, we enjoy excellent working relationship with McKonly and look forward to a long-term relationship with the firm.”
Services We Provide
Financial Statement Audits, Reviews, and Compilations
McKonly & Asbury has extensive experience in providing audit, review, and compilation services to a wide range of affordable housing entities. We have substantial expertise in performing audits in accordance with HUD, PHFA, and RD requirements and the specialized reporting requirements for each of these funding sources. Many of our clients are nonprofit developers, so we perform numerous single audits on an annual basis as well.
Tax Return Preparation
We have extensive experience in preparing IRS forms 1065 and forms PA-65 for affordable housing partnerships. We understand the IRS Form 8609 and can assist in calculating first year credits. Our Affordable Housing Tax Team has the expertise to deal with issues such as transfers of interest, section 754 step-ups, as well as all of the various elections needed for first year partnership tax preparation. Our team is available for support for any IRS issues that may arise, as well as to consult on various technical issues.
IRS and PHFA regulations require specialized knowledge when performing a 10% Test. This test is critical in the tax credit process and it is important to work with someone who has the experience and expertise to ensure that your test is accurate and your credits are not lost. McKonly & Asbury has the audit and tax expertise and experience needed to complete an accurate 10% Test.
IRS regulations require specialized knowledge when performing the 50% Test required for tax-exempt bond financing. McKonly & Asbury has the experience and expertise to ensure that the aggregate basis financed with tax exempt-bonds is calculated correctly for the 50% Test.
Development Cost Certifications
IRS and PHFA regulations require specialized knowledge when preparing a development cost certification. During this critical time in the tax credit process, it is important to work with someone who has the experience and expertise to ensure that you receive the maximum credits possible. Our team also understands PHFA’s methods and will work with you to make the development cost certification process as seamless as possible.
Many syndicators require certification of meeting various benchmarks before releasing equity contributions. McKonly & Asbury has the experience and capacity needed to prepare the required certifications in an effective and efficient manner to ensure that you receive your equity contributions as quickly as possible after you have achieved the limited partner’s required benchmark.
Creating and maintaining affordable housing communities is a complex task. Numerous state and federal requirements must be followed – both during development and for years thereafter. Through our affiliated company, M&L Compliance Management, we clarify Low-Income Housing Tax Credit (LIHTC), Federal HOME, and HUD regulations and certification requirements you must follow to remain compliant.