NCSHA Asks IRS to Rescind Updated Compliance Monitoring Regulations

Monday, May 6, 2019 - 9:30am

The National Council of State Housing Agencies (NCSHA) today released a letter asking the Internal Revenue Service (IRS) to rescind its final amended compliance monitoring regulations for low-income housing tax credit properties. NCSHA says the new regulation would significantly increase the unit sample sizes that states must monitor for compliance, which would create an “immense new regulatory burden.” The NCSHA letter cites additional costs for staffing, hardships created for property owners, the effect on rural housing and problems with the reduction in advance notice required from 30 days to 15 days. The letter also suggests alternate approaches for the IRS.