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Housing Groups Make Suggestions for 2022-2023 IRS Priority Guidance Plan

Wednesday, June 8, 2022 - 11:15AM

Multiple affordable housing stakeholders sent letters to the Internal Revenue Service (IRS) this week, recommending action concerning the low-income housing tax credit (LIHTC) as part of the IRS 2022-2023 Priority Guidance Plan as sought in IRS Notice 2022-21. The LIHTC Working Group, National Council of State Housing Agencies (NCSHA), members of the A Call to Invest in our Neighborhoods (ACTION) Campaign and a group of advocates including Enterprise Community Partners and Local Initiatives Support Corporation (LISC)/National Equity Fund all sent the letters. The NCSHA and the ACTION Committee letters included requests for the IRS to finalize the LIHTC average income test regulations, provide an extension of COVID-19 relief, issue guidance aligning the LIHTC with the Violence Against Women Act, provide guidance to allow relocation costs for a LIHTC property undergoing rehabilitation to be capitalized and more. The letter led by Enterprise and LISC focused on guidance clarifying of the right of first refusal (ROFR) for nonprofit organizations at the end of the LIHTC compliance period–a topic also covered in NCSHA’s letter. 

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides an overview of the LIHTC incentive.

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