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NCSHA Submits Comments to Treasury and IRS in Response to Notice 2016-77

Published on February 26, 2016
NCSHA Submits Comments to Treasury and IRS in Response to Notice 2016-77

On February 10, NCSHA submitted comments to Treasury and IRS in response to Notice 2016-77 regarding whether Treasury and IRS should issue guidance clarifying 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. NCSHA argued that further guidance from Treasury and IRS on concerted community revitalization plans is unnecessary, and that state allocating agenciesā€”not Treasury or IRSā€”should set their own definitions of or criteria for concerted community revitalization plans for purposes of the statutory preference.

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