The IRS offered examples of rental units that can qualify for the low-income housing tax credit in new proposed rules.
The rules (REG-119890-18; RIN 1545-BO92), released Thursday, fall under Section 42. To qualify as a low-income housing project, a certain percentage of units must be rent-restricted. The IRS in the proposed rules addressed projects that have a mix of low-income and market-rate units.
“In situations where multiple units are over-income at the same time in an average-income project that has a mix of low-income and marketrate units, these regulations provide that a taxpayer need not comply ...
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