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Housing Credit Reference Guide

Published on February 26, 2021

Housing Credit Reference GuideThis online reference guide includes links to reference materials useful for HFA Housing Credit program administrators.

    1. NCSHA Housing Credit Allocating Agency Reference Materials
    2. Internal Revenue Code Section 42
    3. Housing Credit Guidance
        1. IRS Final Regulations
        2. IRS Proposed Regulations
        3. Most Recent Recurring Housing Credit Publications
        4. IRS Revenue Rulings
        5. IRS Revenue Procedures
        6. IRS Notices
        7. Other Housing Credit Guidance
    4. IRS Forms
    5. NCSHA Correspondence Relating to the Housing Credit

1. NCSHA Housing Credit Allocating Agency Reference Materials

2. Internal Revenue Code Section 42 (Housing Credit Statute)

3. Housing Credit Guidance

3i. IRS Final Regulations

Limitation on low-incoming Housing Credit allowed with respect to qualified low-income buildings receiving Housing Credit allocations from a State or local Housing Credit Agency
Low-Income Housing Credit
Waiver of Ten-Year Rule
Buildings financed with proceeds from a loan under an Affordable Housing Program established pursuant to section 721 of FIRREA
Inapplicability of Section 183: “Hobby Loss”
Tax Credit Compliance Monitoring
IRS Regulation 1.42-5
Tax Credit Compliance Monitoring Proposed Rule
Building Qualifying for Carryover Allocations
Election of Appropriate Percentage Month
General Public Use
Utility Allowance
Provision of Services
Effective Dates and Transitional Rules
Administrative Errors and Omissions
Allocation Rules for Post- 1989 Ceiling Amounts
Available Unit Rule
Eligible Basis Reduced by Federal Grants
Qualified Allocation Plan
 IRS Regulation 1.42-18 Qualified Contract Provisions

3ii. IRS Proposed Regulations

  • Housing Credit Average Income Test (Taxpayers may rely on the proposed amendment to §1.42-15 as of October 30, 2020 until 60 days after the date final regulations are published, provided the taxpayer follows the rules in proposed §1.42-15 in their entirety. Taxpayers may rely on proposed §1.42-19 for taxable years beginning after October 30, 2020 until the date final regulations are published, provided the taxpayer follows the rules in proposed §1.42-19 in their entirety.)
  • Housing Credit Compliance Monitoring Regulations (Agencies may rely on these proposed regulations as of February 26, 2019 until December 31 of the calendar year following the year that contains the date final regulations are published.)

3iii. Most Recent Recurring Housing Credit Publications

3iv. IRS Revenue Rulings

3v. IRS Revenue Procedures

3vi. IRS Notices

3vii. Other Housing Credit Guidance

4. IRS Forms

5. NCSHA Correspondence Relating to the Housing Credit


For more information about the Housing Credit, please contact Jennifer Schwartz.