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IRS ISSUES GUIDANCE ON BOND, BAH PROVISIONS OF HOUSING ACT

Wednesday, September 17, 2008 - 7:30AM

The Internal Revenue Service (IRS) today published Notice 2008-79, which provides guidance regarding certain provisions of the Housing Assistance Tax Act of 2008 affecting tax-exempt bonds and related matters. The notice provides guidance on allocations, carryforwards, information reporting and uses of the additional bond volume cap provided by the Housing Act. In addition, the notice provides guidance regarding the provision in the Housing Act that allows low-income housing tax credit (LIHTC) and TEB financed properties to disregard basic housing allowance payments at certain military bases for purposes of applicable low-income set-aside income limitations. The notice also lists military instillations that are deemed to be qualified military installations for the purposes of that provision. The IRS says it will update the list of qualified bases if it receives additional information indicating that other military installations should receive the same treatment.

For a summary of the full range of changes made by the new law to the LIHTC program, download a replay of Novogradac and Company's Affordable Housing Webinar on the 2008 Housing Act. The latest tax credit developments will also be discussed by industry experts at the Multi Credit Conference, October 1-3 in St. Louis.

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