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Affordable Housing

McKonly & Asbury was founded in 1973 and has been serving the affordable housing industry since 1977. For more than five decades, we have walked side-by-side with affordable housing owners, developers, and managers, leveraging our deep experience to create valuable connections and deliver actionable insights. Today, our clients range from first-time developers who need an experienced guide to take them, step-by-step, through the low-income housing tax credit process to large, sophisticated organizations who have developed dozens of properties, and have come to rely on McKonly & Asbury an integral part of their team as they continue to grow.

When you select McKonly & Asbury as your affordable housing advisors, you can have confidence that you are engaged with professionals who have a deep passion and extensive understanding of the industry. Our relationships with the Pennsylvania Housing Finance Agency, investors, and funding sources mean we can facilitate fast connections and get direct answers to your toughest questions and most pressing concerns. Our investments in technology and resources further combine to create a better client experience, creating efficient and streamlined engagements and delivering the peace of mind associated with knowing we are committed to safeguarding your information.

Our passion for the industry extends to our efforts in keeping our clients and industry connections updated and aware of the latest information. Our educational events include seminars and webinars that feature government agencies, investors, lenders, attorneys, and other industry experts

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 following 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.

10% Tests

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.

50% Tests

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.

Agreed-Upon Procedures

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 effectively and efficiently to ensure that you receive your equity contributions as quickly as possible after you have achieved the limited partner’s required benchmark.

Property Compliance

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 the Low-Income Housing Tax Credit (LIHTC), Federal HOME, and HUD regulations and certification requirements you must follow to remain compliant.

Industry Involvement

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