Housing Credit Reference Guide
This online reference guide includes links to reference materials useful for HFA Housing Credit program administrators.
1. NCSHA Housing Credit Allocating Agency Reference Materials
- NCSHA Housing Credit Compliance Model Forms (2019)
- NCSHA Income Averaging FAQ (2018)
- NCSHA Recommended Practices in Housing Credit Administration (2017)
2. Internal Revenue Code Section 42 (Housing Credit Statute)
3. Housing Credit Guidance
3i. Housing Credit Regulations
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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
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Low-Income Housing Credit
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Waiver of Ten-Year Rule
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Buildings financed with proceeds from a loan under an Affordable Housing Program established pursuant to section 721 of FIRREA
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Inapplicability of Section 183: “Hobby Loss”
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Tax Credit Compliance Monitoring
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| IRS Regulation 1.42-5 |
Tax Credit Compliance Monitoring Proposed Rule
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Building Qualifying for Carryover Allocations
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Election of Appropriate Percentage Month
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General Public Use
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Utility Allowance
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Provision of Services
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Effective Dates and Transitional Rules
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Administrative Errors and Omissions
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Allocation Rules for Post- 1989 Ceiling Amounts
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Available Unit Rule
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Eligible Basis Reduced by Federal Grants
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| IRS Regulation 1.42-18 | Qualified Contract Provisions |
3ii. Most Recent Recurring Housing Credit Publications
- HUD ǀ Understanding Whom the LIHTC Serves: Data on Tenants in LIHTC Units as of December 31, 2017
- Monthly Publication of Applicable Federal Rates
- IRS Revenue Procedure 2019-44 (2020 Housing Credit and Housing Bond Volume Caps)
- IRS Notice 2020-10 (2020 Population Figures)
- IRS Revenue Procedure 2019-41 (2019 National Pool)
- Housing Credit Income Limit Materials
- Designation of Difficult Development Areas and Qualified Census Tracts
3iii. IRS Revenue Rulings
- IRS Revenue Ruling 2020-4 (Income Limits Computation for Average Income Test)
- IRS Revenue Ruling 2016-29 (Allocation Rules for Post-2000 State Housing Credit Ceiling Amount)
- IRS Revenue Ruling 2008-6 (Eligible Basis Reduced By Federal Grants)
- IRS Revenue Ruling 2004-82 (Low-Income Housing Credit Q&A)
- IRS Revenue Ruling 2003-77 (Community Service Facility)
- IRS Revenue Ruling 2002-65 (Eligible basis reduced by federal grants)
- IRS Revenue Ruling 2002-9 (Inclusion of Impact Fees in Eligible Basis)
- IRS Revenue Ruling 98-49 (Effect of SRO and Shelter Plus Care Payments on Eligible Basis)
- IRS Revenue Ruling 98-47 (Tax-Exempt Bond Ruling on Assisted Living)
- IRS Revenue Ruling 97-4 (Clarification of Section 502(e)(3) Transition Relief)
- IRS Revenue Ruling 96-35 (FEMA Grants and Loans)
- IRS Revenue Ruling 95-49 (Tenant Right of First Refusal)
- IRS Revenue Ruling 94-57 (Changes in Area Median Gross Income)
- IRS Revenue Ruling 92- 61 (Treatment of Resident Manager’s Unit)
- IRS Revenue Ruling 91-38 (Low-Income Housing Credit Questions and Answers)
- IRS Revenue Ruling 90-89 (Minimum Set-Aside Requirements)
- IRS Revenue Ruling 90- 60 (Recapture Bonds)
3iv. IRS Revenue Procedures
- IRS Revenue Procedure 2020-23 (Amended Partnership Returns)
- IRS Revenue Procedure 2019-45 (Procedure for Requests of Unused Housing Credit Carryover from the National Pool)
- IRS Revenue Procedure 2019-17 (General Public Use Requirements for Bond-Financed Housing Credit Properties/Preference for Veterans)
- IRS Revenue Procedure 2014-49 (Disaster Relief under Section 42 for Housing Credit Properties)
- IRS Revenue Procedure 2014-50 (Disaster Relief Guidance under Section 142 for Bond Properties and Bond-Financed Housing Credit Properties)
- IRS Revenue Procedure 2009-4 (Revised Procedures for Issuance of Ruling and Information Letters)
- IRS Revenue Procedure 2008-60 (Discontinuing a Surety Bond or Treasury Direct Account)
- IRS Revenue Procedure 2005-37 (Safe Harbor: Extended low-income housing commitments)
- IRS Revenue Procedure 2004-38 (Annual Recertification Waiver)
- IRS Revenue Procedure 2003-82 (Safe Harbor Designations: Occupant Income)
- IRS Revenue Procedure 2001-53 (Impact Fees Includable in Eligible Basis)
- IRS Revenue Procedure 99-11 (Alternative to Surety Bonds)
- IRS Revenue Procedure 96-32 (Safe Harbor Designations: Charitable Organizations)
- IRS Revenue Procedure 95-28 (Relief for Projects in Disaster Areas)
- IRS Revenue Procedure 94-65 (Documentation of Income from Assets)
- IRS Revenue Procedure 94-64 (Waiver of Annual Income Recertification)
- IRS Revenue Procedure 94-57 (Gross Rent Floor)
3v. IRS Notices
- IRS Notice 2020-53 (Coronavirus Relief)
- IRS Notice 2018-17 (Disaster Relief for Puerto Rico)
- IRS Notice 2016-77 (Community Revitalization Plan)
- IRS Notice 2014-15 (Treatment for States Participating in the Physical Inspections Pilot Program)
- IRS Notice 2012-18 (Physical Inspections Pilot Program)
3vi. Other Housing Credit Guidance
- Audit Technique Guide IRC 42
- IRS Guide for Completing Form 8823
- IRS Webinar on Completing Forms 8610 and 8609 (HFA-only access, log into the HFA Community Group to access)
- Treasury Guidance on Low Income Housing Grants in Lieu of Tax Credits (the Exchange Program) Recapture
- Memorandum of Understanding among the Department of Treasury, the Department of Housing and Urban Development, and the Department of Justice (Fair Housing)
- HUD Handbook: Occupancy Requirements of Subsidized Multifamily Housing Programs
4. IRS Forms
- IRS Form 8586: Low-Income Housing Credit
- IRS Form 8609: Low-Income Housing Credit Allocation
- IRS Form 8609 Schedule A: Annual Statement
- IRS Form 8610: Annual Low-Income Housing Credit Agencies Report
- IRS Form 8610 Schedule A: Carryover Allocation of Low-income Housing Credit
- IRS Form 8611: Recapture of Low-Income Housing Credit
- IRS Form 8703: Annual Certification of a Residential Rental Project
- IRS Form 8821: Tax Information Authorization
- IRS Form 8823: Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition
5. NCSHA Correspondence Relating to the Housing Credit
- NCSHA Letter to IRS and Treasury on COVID-19 Emergency Relief (March 2020)
- Background on Qualified Contract Problem and Solution (November 2019)
- NCSHA Comments on Improvements to Housing Credit disaster recovery guidance (Revenue Procedures 2014-49 and 2014-50) (November 2019)
- NCSHA Comments on Treasury/IRS 2019-2020 Priority Guidance Plan (June 2019)
- NCSHA Comments on IRS Compliance Monitoring Regulations (May 2019)
- NCSHA Letter to IRS on Average Income Test Income Limits (April 2019)
- NCSHA Comments on GAO Report on Housing Credit Development Costs (September 2018)
- NCSHA Letter to IRS and Treasury on Average Income Test Guidance and Implementation (June 2018)
- NCSHA Comments on IRS Revenue Procedure 2018-17 (Concerning Disaster Relief) (April 2018)
- NCSHA Comments to the IRS and Treasury on Notice 2016-77 (Concerning Concerted Community Revitalization Plans) (February 2017)
- NCSHA Comments on Housing Credit Compliance Monitoring Regulations (May 2016)
- NCSHA Comment Letter to HUD on the Fair Housing Assessment Tool (May 2016)
- NCSHA Comment Letter to HUD on Affirmatively Furthering Fair Housing (February 2015)
- NCSHA Comments on CRA Interagency Q&As (May 2013)
- NCSHA Comments to HUD on Fair Housing Rule (September 2013)
- NCSHA Comments to the IRS on Section 42 Compliance Regulations (May 2012)
- NCSHA Comments to the IRS on Form 8823 (September 2011)
- NCSHA Comments to HUD on Federal Alignment Initiative (August 2011)
For more information about Housing Credit Programs, please contact Jennifer Schwartz.
