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IRS NEWSLETTER DISCUSSES ELIGIBLE BASIS, SECTION 1602 AND MINIMUM SET-ASIDE

Tuesday, August 27, 2013 - 7:00AM

In its LIHC Newsletter #52, the Internal Revenue Service (IRS) discusses the regulations that prohibit third-party costs and fees in obtaining a construction loan or issuing tax-exempt bonds from being included in a building’s eligible basis under Internal Revenue Code (IRC) §42. Additionally, the newsletter provides clarifications regarding the Section 1602 program, and discusses minimum set-aside issues and rental income restrictions for married, full-time students.

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