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LIHTC PROFESSIONALS REQUEST GUIDANCE ON HOUSING ACT

Friday, September 12, 2008 - 7:30AM

A group of affordable housing professionals yesterday joined efforts to request guidance on several of the provisions of the Housing and Economic Recovery Act of 2008 that affect the low-income housing tax credit (LIHTC). In a letter to the Internal Revenue Service and Treasury Department, the group requests guidance on several issues to insure compliance under the LIHTC program, including the determination of credit rate, the modifications to the definition of eligible basis, clarification of the treatment of federal grants, the exception to the 10-year prior placement in service rule, and the repeal of the bond posting requirement.

Additional information about the LIHTC provisions of the Housing Act can be found in the Journal of Tax Credit Housing, the Tax Credit Tuesday podcasts and the recording of the Affordable Housing Webinar on the 2008 Housing Act.

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