IRS Publishes Revenue Procedure 2019-17 Regarding General Public Use Requirements for Multifamily Housing Bonds
On April 3, the Internal Revenue Service (IRS) issued Revenue Procedure 2019-17, which provides guidance regarding the general public use requirements for qualified residential rental projects financed with multifamily tax-exempt housing bonds. Specifically, the Rev. Proc. coordinates these requirements with the provisions in § 42(g)(9). Under § 42(g)(9), a project does not violate the general public use requirement under § 42 as a result of specified occupancy restrictions or preferences (for example, certain housing preferences for military veterans).