IRS Regulatory Relief Available During COVID-19 Pandemic
On October 7, IRS issued Notice 2022-52 providing temporary relief to state Housing Credit allocating agencies, owners, and residents of Housing Credit properties in response to the COVID-19 pandemic. Notice 2022-52 is the fifth notice to extend Housing Credit deadlines and provide waivers of certain program rules since the onset of the COVID-19 pandemic. This matrix compares the accommodations IRS provides in Notices 2022-52 and 2022-05 to recommendations for COVID-19 guidance NCSHA sent to IRS in several letters, most recently in July 2022, 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.
NCSHA updated this document on October 7, 2022, to account for Notice 2022-52 ā IRSās most recent guidance related to COVID-19 ā and NCSHAās most recent recommendations to IRS. Previous iterations of this document compared earlier NCSHA recommendations to IRS with IRS guidance available at that time. NCSHA will keep this document updated based on current IRS Housing Credit COVID-19 guidance and NCSHAās most recent written communication with the Service on this subject.
