IRS Regulatory Relief Available During COVID-19 Pandemic
On July 1, IRS issued Notice 2020-53 providing temporary relief to state Housing Credit allocating agencies, owners, and residents of Housing Credit properties in response to the COVID-19 pandemic. This matrix compares the accommodations IRS provides in that notice to recommendations for COVID-19 guidance that NCSHA sent to IRS in a March 23 letter and to existing disaster relief IRS provides under Revenue Procedures 2014-49 and 2014-50, which are applicable in cases of a Presidentially-declared Major Disaster.
As originally published on April 21, this matrix compared the accommodations NCSHA requested in its March 23 letter to IRS to those allowed under existing IRS Revenue Procedures 2014-49 and 2014-50, which provide relief in instances of Presidentially-declared Major Disasters, and to recent IRS Notice 2020-23, which extended certain program deadlines until July 15, 2020.
As the July 15 deadline extension in IRS Notice 2020-23 passed, and because IRS has since published additional relevant guidance, IRS Notice 2020-53, NCSHA updated the matrix available above.