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The Internal Revenue Service (IRS) will publish in Tuesday’s Federal Register a notice and request for comments on its Form 8823, Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. No changes are being made. The review is to extend the use of the current Form 8823. Written comments on the form are due by June 10.

The Internal Revenue Service (IRS) will allocate an additional $8.2 million in unused federal low-income housing tax credit (LIHTC) carryovers to 28 states, ranging from $1.1 million to Texas to $24,409 to Vermont. Revenue Procedure 2024-18 supplements Rev. Proc. 2023-32, released in October 2023, which initially announced an allocation of $3.2 million in unused LIHTCs.

The Novogradac Rent & Income Limit Calculator© has been updated in the beta version to include fiscal year (FY) 2024 rent and income limit data released Monday by the U.S. Department of Housing and Urban Development (HUD). Using the HUD-published data with an effective date of April 1 (May 16 for properties with decreasing income limits), the Novogradac Rent & Income Limit Calculator© will calculate low-income housing tax credit (LIHTC) rent and income limits for every county and every metropolitan statistical area in the United States.

Legislation to create a state low-income housing tax credit (LIHTC) in Mississippi died in committee. H.B. 1717 would have created a LIHTC for developments placed in service after July 1 with an annual statewide cap of $4 million. This is the second straight year that Mississippi LIHTC legislation failed to advance.

A bill introduced in the Alabama House of Representatives would create a state-level low-income housing tax credit (LIHTC) with a $5 million annual statewide cap. H.B. 346 would provide the state credit to properties that receive 4% federal LIHTCs and are placed in service after Jan. 1, 2025. The maximum award for a single development would be $2 million.

Rent and Income Limit Calculator
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Calculate rent and income limits for your property.

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New Report
Resilience and Responsiveness: LIHTC Properties and the COVID-19 Pandemic - (eBook Edition)
LIHTC Mapping Tool
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Includes project address, year the credit was allocated, year the project was placed in service and more.

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