IRS Notice 2016-77
Treasury and IRS issue Notice 2016-77 regarding the Low Income Housing Tax Credit (Housing Credit) statute’s required preference for projects located in a Qualified Census Tract (QCT) that are subject to a concerted community revitalization plan. Notice 2016-77 indicates that some states may have given preference to projects that are located in QCTs without regard to whether the projects contribute to a concerted community revitalization plan.
