IRS Extends Period Allowing Phone Hearings on PABs

Tuesday, August 31, 2021 - 10:45am

The Internal Revenue Service (IRS) today issued a revenue procedure that further extends the ability to hold certain hearings concerning private activity bonds (PABs) by telephone due to the ongoing COVID-19 pandemic. Rev. Proc. 2021-39 extends that time until March 31, 2022, for hearings concerning PABs, which can be used to fund affordable housing in conjunction with 4% low-income housing tax credits (LIHTCs).

The ongoing impact of the pandemic on affordable housing will be a topic of discussion at the Novogradac 2021 Affordable Housing Tax Credit and Bond Conference in Nashville, Sept. 30-Oct. 1.