The IRS released final rules outlining which rental units are eligible for the low income housing tax credit on Friday.
The final regulations (TD 9967, RIN: 1545-BO92) specify rent restriction requirements to qualify as a low-income housing project under Section 42. IRS also proposed rules (REG-113068-22, RIN 1545-BQ47) concerning recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit.
“To close the supply gap and expand housing affordability, the Administration continues to urge Congress to act on a bipartisan basis to support the construction and preservation of affordable housing this year,” said a ...