Sign Up For Novogradac Industry Alert Emails

IRS INVITES COMMENTS ON LIHTC REGULATIONS

Tuesday, April 15, 2008 - 7:30AM

The Internal Revenue Service (IRS) today invited comments concerning an existing final regulation, PS-62-87 (TD 8302), Low-Income Housing Credit for Federally-Assisted Buildings. This regulation provides state and local low-income housing tax credit (LIHTC) agencies and owners of qualified low-income buildings with guidance regarding compliance with the waiver requirement of section 42(d)(6) of the Internal Revenue Code (IRC). The regulation requires documentary evidence of financial distress leading to a potential claim against a federal mortgage insurance fund in order to get a written waiver from the IRS for the acquirer of the qualified low-income building to properly claim the LIHTC. No changes are being made to the regulation at this time and comments will be accepted until June 16.

The LIHTC program will be discussed at the Credit and Bond Financing Conference on May 15-16 in New Orleans, La.

Learn more about Novogradac's expertise and many services