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Property Compliance News Briefs - March 2024

The U.S. Department of Housing and Urban Development released further guidance in February for implementing provisions of the Housing Opportunity Through Modernization Act (HOTMA) of 2016, which was designed to streamline administration and ease the burden on public housing authorities, private owners of affordable housing and tenants. Notice H 2023-10 makes a series of technical corrections and clarifications; confirms the effective date of Jan. 1, 2024; provides compliance dates and required actions for affordable multifamily rental housing owners, including properties financed by low-income housing tax credit (LIHTC) equity; and more.

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The Internal Revenue Service (IRS) Jan. 24 issued updated guidance for completing Form 8823, the form used by state and local LIHTC agencies to notify the IRS in the event of noncompliance or building disposition. The guidance updates the section on Items Excluded from Income (Miscellaneous) to reflect provisions issued in HOTMA.

Journal Category:

Property Compliance

Authors:

Novogradac

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