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IRS Publishes Invitation for Comment on LIHTC Form 8877

Monday, July 12, 2004 - 1:45AM

The Internal Revenue Service (IRS) today published an invitation for public comment on Form 8877, Request for Waiver of Annual Income Recertification Requirement for the Low-Income Housing Credit. Owners of low-income housing tax credit (LIHTC) buildings that are 100 percent occupied by low-income tenants may request a waiver from the annual recertification of income requirements using Form 8877, as provided by Internal Revenue Code Section 42(g)(8)(B). The IRS last month released Revenue Procedure 2004-38 to formalize and standardize the process by which owners can request waivers of the annual tenant income recertification requirement. In-depth analysis of the ruling and form will be available in the August issue of the Property Compliance Report.

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