LIHTC Hot Topics
Year 15:
IRS Guidance
Final Regulations
TD 9587: Final Regulations: Section 42 Qualified Contract Provisions (May 3, 2012)
Summary of Final Qualified Contract Regulations (May 8, 2012)
By Harold R. Berk, Esquire
Proposed Regulations
Notice of proposed rulemaking and notice of public hearing: Section 42 Qualified Contract Provisions
(June 19, 2007)
Comment Letters to IRS on Proposed Treasury Regulation 1.42-18 Qualified Contracts (September 17, 2007)
Transcript of IRS Hearing on Proposed Treasury Regulation 1.42-18 Qualified Contracts (October 15, 2007)
"Proposed Treasury Regulation §1.42-18 Qualified Contracts," by Michael J. Novogradac, CPA
Presented at Tax Credit Property Disposition: A New Generation of Rights, Obligations and Opportunities Through Year 15 and Beyond, October 11 - 12, 2007
Private Letter Rulings
PLR 200703024 - Tenant's Right of First Refusal under § 42(i)(7)
Excerpt from Guide for Completing Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition
Excerpt from Section 21-4 "Building No Longer Participating in the Low-Income Housing Program"
HUD Year 15 Survey
Comment Notice
Notice of Proposed Information Collection for Public Comment: Study of Low Income Housing Tax Credit (LIHTC) Properties After 15 Years (May 11, 2010)
Survey Plan
Research Design and Data Collection Plan for the Assessment of LIHTC Properties After 15 Years
Related Resources
Coming Soon
State Policies
Several state housing agencies have published policies or instructions for addressing Year 15 and qualified contract concerns. Click below to access these policies.
Comment Letters
Proposed Treasury Regulation 1.42-18 Qualified Contracts
American Bar Association Section of Taxation (September 28, 2007)
National Council of State Housing Agencies (September 17, 2007)
Affordable Housing Tax Credit Coalition (September 17, 2007)
Novogradac & Company LLP (September 17, 2007)
National Housing Law Project (September 18, 2007)
Arizona Department of Housing (September 7, 2007)
New York State Division of Housing and Community Renewal (September 17, 2007)
City of New York Department of Housing Preservation and Development (September 15, 2007)
Washington State Housing Finance Commission (September 7, 2007)
Georgia State Trade Association of Nonprofit Developers (September 14, 2007)
Yes Housing Inc. (September 28, 2007)
A. J. Johnson Consulting Services Inc. (September 28, 2007)
National Association of Home Builders (September 13, 2007)
National Low Income Housing Coalition (September 17, 2007)
Requesting Guidance on Qualified Contracts
Affordable Housing Tax Credit Coalition to to IRS Requesting Guidance on Qualified Contracts (April 30, 2007)
Qualified Contract Price
Representatives from several state housing agencies requested guidance and clarification to the rules regarding the qualified contract price and procedures outlined in Section 42 of the Internal Revenue Code. Click below for copies of that correspondence.
Alabama Housing Finance (November 8, 2006)
Indiana Housing and Community Development Authority (November 9, 2006)
Oregon Housing and Community Services (November 20, 2006)
South Carolina State Housing Finance and Development Authority (November 13, 2006)
South Dakota Housing Development Authority (November 9, 2006)
Virginia Housing Development Authority (November 2006)
Washington State Housing Finance Commission (November 9, 2006)
Articles
- “Thinking About Year 15 of a Low-Income Housing Tax-Credit Partnership,”
By Ronald A. Shellan, Esq., Miller Nash LLP, Property Compliance Report, August 2001 (part one) - “Thinking About Year 15 of a Low-Income Housing Tax-Credit Partnership,”
By Ronald A. Shellan, Esq., Miller Nash LLP, Property Compliance Report, September 2001 (part two) - “Preservation Trend Grows, Some Year-15 Concerns Linger,”
By Alex Ruiz, Staff Writer, Novogradac & Company LLP, LIHTC Monthly Report, October 2002 - “Qualified Contract - 15th Year Issues for Post-1989 Allocation Properties,”
By Jerome A. Breed, Powell Goldstein Frazer & Murphy LLP, LIHTC Monthly Report, May 2003 - “Despite Pending Expiration, Year 15 Properties Still Hold Potential,”
By Jane Bowar Zastrow, Editor, Novogradac & Company LLP, LIHTC Monthly Report, November 2003 - “Unresolved Year 15 Issues Beg For Guidance,”
By Michael J. Novogradac, CPA, Novogradac & Company LLP, LIHTC Monthly Report, May 2004 - “Y15 Arrives for 1990 LIHTC Properties,”
By Jeffery W. Faile, CPA, Novogradac & Company LLP, May 2004, LIHTC Monthly Report, May 2004 - “IRS Ruling Changes Generally Understood Requirements for Extended Use Agreements,”
By Alex Ruiz, Staff Writer, Novogradac & Company LLP, LIHTC Monthly Report, September 2004 - “‘Good Cause’ Packet Mailed to LIHTC Owners, Managers in Washington,”
By Alex Ruiz, Staff Writer, Novogradac & Company LLP, Property Compliance Report, December 2004 - “SDHDA Approves Y15 Plan for LIHTC Qualified Contract Process,”
By Alex Ruiz, Staff Writer, Novogradac & Company LLP, LIHTC Monthly Report, February 2005 - “Texas Agency Drafts Qualified Contract Policy,”
By Alex Ruiz, Staff Writer, Novogradac & Company LLP, LIHTC Monthly Report, July 2005 - “Market Analysis Can Help Owners Weigh Options in Making Year 15 Decisions,”
By Brandi Day, Real Estate Analyst, The Valuation Report, September 2005 - “Year 15: Are You Ready?,”
By Lindsay Weiford, Staff Writer, Novogradac & Company LLP, LIHTC Monthly Report, June 2006 - “IRS Issues New Qualified Contract Proposed Regulations,”
By Michael J. Novogradac, CPA, Novogradac & Company LLP, LIHTC Monthly Report, August 2007