IRS Issues Revised Version of Form 8823
The Internal Revenue Service (IRS) recently released a revised version of Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. The most recent revision has more emphasis on standards to determine suitability for occupancy, listing more examples in the instructions. Also, the new Form 8823 appears to require the state agencies to report any minor violation of habitability and not just a pattern of minor violations. More detailed analysis will be available in the May issue of the Property Compliance Report.