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Federal Regulations & Notices

IRS Notice 2020-10 (2020 Population Figures)

Notice 2020-10 advises State and local housing credit agencies that allocate low-income housing tax credits under § 42 of the Internal Revenue Code, and States and other issuers of tax-exempt private activity bonds under § 141, of the population figures to use in calculating: (1) the 2020 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under § 42(h)(3) (C)(ii); (2) the 2020 calendar year volume cap (Volume Cap) under § 146; and (3) the 2020 volume limit (Volume Limit) under§ 142(k)(5).

IRS Revenue Ruling 2020-4 (Income Limits Computation for Average Income Test)

IRS Revenue Ruling 2020-4 provides guidance on the calculation for Housing Credit income limits at 20, 30, 40, 50, 60, 70, and 80 percent of area median income, for purposes of the Housing Credit Average Income Test under Section 42(g)(1)(C).

HUD Affirmatively Furthering Fair Housing Proposed Rule

HUD issued a proposed rule to reform its regulations of the Fair Housing Act’s requirement to Affirmatively Further Fair Housing (AFFH). The proposed rule replaces the AFFH rule published in 2015, implementation of which the Secretary in 2018 suspended.

U.S. Court of Appeals Decision in Inclusive Communities Project, Inc. vs. Department of Treasury, Office of the Comptroller of the Currency

The Fifth Circuit Appeals Court dismissed a suit brought by the Inclusive Communities Project (ICP) against the Department of the Treasury and Office of the Comptroller of the Currency on the grounds that ICP does not have standing. ICP had sued the federal agencies under the Fair Housing Act, alleging that they failed to regulate the Low Income Housing Tax Credit program to affirmatively further fair housing.

IRS Revenue Procedure 2019-44, 2020 Housing Credit and Housing Bond Volume Caps

Rev. Proc. 2019-44 provides the 2020 per capita and small-state minimum levels for the Low Income Housing Tax Credit and Private Activity Bonds (PABs). In 2020, states will receive the greater of $2.81 per capita or $3,217,500 in Housing Credit authority and the greater of $105 per capita or $321,775,000 in PAB volume cap.

2020 Housing Credit and PAB Volume Caps

The IRS released the 2020 volume caps for Housing Credit and Private Activity Bonds (PABs).

IRS Revenue Procedure 2019-41 (2019 National Pool)

Today, the Internal Revenue Service published Internal Revenue Bulletin 2019-44, which includes  (under Part III) Rev. Proc. 2019-41, which provides the Housing Credit national pool amounts for qualified states for calendar year 2019. 

2019-2020 Treasury and IRS Priority Guidance Plan

The U.S. Department of the Treasury and Internal Revenue Service issued their 2019-2020 Priority Guidance Plan (PGP), which identifies guidance projects Treasury and IRS intend actively work on between July 1, 2019 and June 30, 2020.

Implementation Plan for The White House Opportunity and Revitalization Council

This document contains the implementation report to the President in accordance with Executive Order “Establishing the White House Opportunity and Revitalization Council.”