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

Published on February 26, 2016

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 agencies—not Treasury or IRS—should set their own definitions of or criteria for concerted community revitalization plans for purposes of the statutory preference.

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