NCSHA Urges IRS and Treasury to Extend Housing Credit COVID-19 Relief

Today NCSHA sent the Internal Revenue Service (IRS) and U.S. Department of the Treasury a letter urging them to extend certain temporary Housing Credit relief provisions in IRS Notice 2021-12 in light of the continuing disruption the COVID-19 pandemic is having on development and construction activities and the ongoing operation of Housing Credit properties.

In the letter, NCSHA encouraged extension of provisions on the carryover allocation 10 percent test deadline, the minimum rehabilitation expenditure deadline, the placed-in-service deadline, the restoration period for properties suffering casualty loss, occupancy obligations, the noncompliance corrective action period, compliance monitoring tenant file review and physical inspection requirements, and closure of property amenities and common space facilities. We encouraged IRS and Treasury to make permanent the provision allowing Housing Credit allocating agencies to satisfy QAP public approval requirements using telephonic hearings and to specify that virtual platforms may also be used to satisfy the public approval requirement.

For more information, please contact Jim Tassos.