GEORGIA REMINDS AWARDEES OF LIHTC, EXCHANGE DEADLINES

Tuesday, September 28, 2010 - 8:00am

The Georgia Department of Community Affairs (DCA) yesterday issued a reminder that all 9 percent low-income housing tax credit (LIHTC) properties must meet the 10 percent test no later than one year from the tax credit carryover allocation date. For properties receiving Section 1602 funds, if the exchange assistance agreement date is before the LIHTC carryover allocation date, it must meet the 10 percent test no later than the earlier of one year from the tax credit carryover allocation or one year from the date of the exchange assistance agreement. If a property has or will have Section 1602 funding, properties must meet the 30 percent test by December 31, 2010. Four percent LIHTC properties that are financed with tax-exempt bonds will not need to meet the 10 percent test; 4 percent properties with Section 1602 funding must meet the 30 percent test no later than December 31, 2010. DCA has posted the 30 percent test forms to its web site.

Additional information about the test requirements can be found on the Affordable Housing Resource Center on the Recovery Act Hot Topics page. Questions about the 30 percent test in Georgia can also be directed to Chris Key, CPA, at (678) 867-2333.