Sign Up For Novogradac Industry Alert Emails

GAO Suggests IRS, HUD Jointly Administer LIHTC Program

Friday, July 24, 2015 - 7:00AM

A report by the U.S. Government Accountability Office (GAO) says that Congress should consider designating the Department of Housing and Urban Development (HUD) as a joint administrator with the Internal Revenue Service (IRS) of the Low-Income Housing Tax Credit (LIHTC) program. The GAO suggests HUD should be given responsibility for regular monitoring of housing finance agencies and analyzing the effectiveness of the program.

The report, conducted at the request of Senate Judiciary Committee Chairman Charles Grassley, R-Iowa, cites “minimal” oversight by the IRS of the LIHTC and points out that the IRS already shares joint administration duties with other agencies both the New Markets Tax Credit (NMTC) program and the Historic Tax Credit (HTC) program.

Read the Notes from Novogradac blog for more information.

Learn more about Novogradac's expertise and many services