IRS Notice 2020-23 Extends Deadlines for Several LIHTC Provisions

Thursday, April 16, 2020 - 10:30am

When the Internal Revenue Service (IRS) issued Notice 2020-23 last week, it extended the deadline to July 15 (for any action that was due to be performed from April 1 through July 15) for all time-sensitive actions included in Revenue Procedure 2018-58, including several affordable housing provisions. Among the deadlines extended for low-income housing tax credit properties are the 10 percent of reasonably expected basis test, the 24-month period for minimum rehabilitation expenses, annual owner certification of compliance and more. Revenue Procedure 2014-49 also provides some extensions due to a major disaster declaration, but for a different period and Revenue Procedure 2014-49 requires the state housing agency to implement the delay.

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