IRS Extends Notice 2022-05 Pandemic Relief; Publishes Average-Income Set-Aside Test RegulationsNotice 2022-52 which extends relief announced in Notice 2022-05, specifically placed-in-service deadlines for 2019-2021 allocations, postponement of the reasonable restoration period by 24 months instead of 18 months, extension of the correction period by up to 12 months and the continuation of waivers for physical inspections. Additionally, the IRS released final and temporary regulations on the average income set aside for LIHTC properties. The new guidance removes the “cliff test” and allows unit redesignations based on a wide range of justifications. The final rule will go into effect upon publication in the Federal Register, scheduled for October 12, 2022.
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