IRS Tag Archives

IRS Extends COVID-Related LIHTC, Opportunity Zones Relief

Internal Revenue Service Notice 2021-12 extends the temporary relief for qualified LIHTC projects. The 10 percent test for carryover allocations and the 24-month minimum rehabilitation expenditure period are extended until September 30. The deadline for income recertifications and compliance monitoring is extended until October 1 and the placed-in-service deadline is extended to December 31.

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Sign-On by Nov. 20 to Support IRS COVID-Related LITHC Accommodations

The Affordable Housing Tax Credit Coalition (AHTCC) is circulating a sign-on letter to support the National Council of State Housing Agencies’ (NCSHA) letter to the Internal Revenue Service (IRS) and Department of the Treasury calling for an extension to the temporary COVID-related LIHTC relief. The deadline to sign-on is Friday, November 20. NH&RA joined the letter and encourages our members to do so as well!

IRS Extends Ability to Conduct Private Activity Bond Public Hearings by Teleconference

In response to the continuing COVID-19 pandemic, the Internal Revenue Service (IRS) published Revenue Procedure 2020-49, which provides temporary guidance on the statutory public approval requirement for tax-exempt qualified private activity bonds. The revenue procedure extends the time period during which telephonic hearings satisfy the public approval requirement from December 31, 2020, until September 30, 2021.