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IRS Announcement Reminds LIHTC Agencies of Deadline to Allocate Disaster Credits

Thursday, December 1, 2022 - 12:30PM

The Internal Revenue Service (IRS) will publish an announcement in the upcoming Internal Revenue Bulletin reminding state and local low-income housing tax credit (LIHTC) agencies that disaster-related credits for calendar years 2021 and 2022 cannot be carried over to years after 2022. Announcement 2022-27 applies to LIHTCs authorized in 2020 legislation, which allowed an allocation of $1.25 billion in disaster-area credits to 11 states and Puerto Rico for use in the construction or rehabilitation of buildings in qualified disaster areas.

Financing affordable housing will be a major topic at the Novogradac 2023 Affordable Housing Developers Conference, Jan. 11-12, 2023, in Fort Lauderdale, Florida.

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