Affordable Housing

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. Since 1977 we have been working in the affordable housing industry with a dedicated team to serve all of our affordable housing clients.  We currently serve over 125 affordable housing entities.

Affordable Housing Leaders

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McKonly & Asbury works with affordable housing developers who have developed dozens of properties, as well as first-time developers who want an expert to walk them through the process step-by-step. We have established 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.

We keep our clients on the leading edge of the industry by developing and offering an annual seminar series on relevant issues in affordable housing and by posting regularly about industry news and best practices on our affordable housing blog.

Affordable Housing Testimonials

“Our decision to use McKonly & Asbury mirrors our commitment to communities and quality service. The notion of chasing the lowest priced audit service was a costly fool’s errand. McKonly & Asbury’s experience and knowledge of affordable housing, along with their culture of accuracy and professionalism enhances Trehab’s ongoing efforts.”

– Trehab Housing Corp

Affordable Housing Services

Our firm is a recognized leader in providing audit, tax, and consulting services to developers, property management organizations, and others with an interest in affordable housing. We help developers and managers do all the right things so they can continue to create affordable housing!

We provide a wide range of affordable housing services including:

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.

Annual Tax Return Preparation

  • We are presently involved in preparing annual IRS forms 1065 and forms PA-65 for over 125 affordable housing partnerships or affordable housing nonprofit corporations. Our Affordable Housing Tax Team has the expertise to deal with issues such as technical terminations, transfers of interest, section 754 step-ups, as well as all of the various elections needed for first year partnership tax preparation. Our team will review and evaluate activities to mitigate the risk of tax credit recapture or reallocations. 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. McKonly & Asbury has the audit and tax expertise and experience needed to complete an accurate 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.

Cash Flow Analysis and Forecasting

  • McKonly & Asbury will work with you to develop a cash flow analysis and financial forecast for your affordable housing development. Financial forecasts require a unique set of skills that combine knowledge of the affordable housing industry with tax law. McKonly & Asbury has the expertise to help you develop the optimal cash flow and financing structure for your affordable housing development.

LIHTC Application Preparation and Review

  • McKonly & Asbury 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 maximizing points for PHFA scoring. We will help you maximize your tax credits and, therefore, maximize your equity proceeds.

AHP, HOME, and Other Funding Source Application Preparation and Review

  • McKonly & Asbury has significant experience in preparing FHLBank Affordable Housing Program applications, County HOME applications, and applications for various other types of funding programs. 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 maximizing points for scoring criteria.

Affordable Housing Seminars and Training

  • In addition to our wide range of services, McKonly & Asbury also holds an annual seminar series on various affordable housing topics with speakers that range from investors, lenders, PHFA and DCED staff, and attorneys, as well as members from our own team. Members of our team are also available to present seminars at your workplace or to provide development accounting training in a one-on-one setting.

Agreed-Upon Procedures

  • Many syndicators require certification of 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.

Due Diligence

  • In order to successfully close a real estate deal, the financial structure must be understood. McKonly & Asbury has the experience and industry expertise needed to perform the due diligence required to assess the financial structure of real estate deals. Our team can assist you in obtaining the most favorable price and alert you to potential problems.
Affordable Housing Resource Links
Affordable Housing Gurus

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The Affordable Housing Gurus are a team of experts at McKonly & Asbury that work regularly with affordable housing developers and management companies in all stages of project development from the drawing board to decades of use. Get updates and knowledgeable commentary about news and events affecting the affordable housing industry from the Gurus at www.AffordableHousingGurus.com.


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