PHFA Issues Draft 2019 Allocation Plan

The Pennsylvania Housing Finance Agency (PHFA) has issued a draft of their 2019 Allocation Plan for low-income housing tax credits.

According to the draft Allocation Plan, applicants will be required to submit an Intent to Submit Fact Sheet and Development Synopsis to PHFA on or before July 13, 2018. The final applications will be due to PHFA by 3 pm on September 28, 2018.

There are a few proposed changes in the scoring criteria.

•     Up to 20 points are available for experienced development team members.
•     Bonus points for a complete application package are back! Up to five bonus points may be awarded in this category.
•     Noncompliance deductions now include negative points for an applicant or management company who is late in payments to PHFA, who has materially defaulted on obligations to  PHFA, or who has not met required PHFA submissions and program guidelines.

You can read the draft Allocation Plan here.

A public hearing about the Allocation Plan will be held at PHFA’s Harrisburg office on April 5, 2018, at 9:30 am. More information about that hearing is available here.

Holly Glauser, Director of Development at PHFA, will be speaking at our May 18, 2018, Affordable Housing Seminar in Camp Hill. This is a great opportunity to interact with Holly and ask questions regarding the Allocation Plan. Registration for the seminar will be announced in the near future.

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. For more information, please contact us at affordablehousing@macpas.com.