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IRS clarifies local approval and preference regarding LIHTC developments

Below, please find recent IRS Guidance on two issues relating to LIHTC developments complying with fair housing rules at the local level:
Revenue Ruling 2016-29 clarifies that under the Internal Revenue Code, state allocating agencies are not forced or encouraged to require local approval for LIHTC developments.

Additionally, 
Notice 2016-77 reminds that LITHC developments located in a qualified census tract do not receive preference unless the project's development contributes to a concerted community revitalization plan. In this case, the plan's revitalization components must exist by the allocation date. 
For more information about LIHTC, please click here.



Juliana Bilowich, Government Affairs Coordinator
National Affordable Housing Management Association
400 N. Columbus St., Suite 203, Alexandria, VA 22314
Phone 703-683-8630, ext.116 Email jbilowich@nahma.org, Website www.nahma.org
NAHMA is the leading voice for affordable housing management, advocating on behalf of multifamily property managers and owners whose mission is to provide quality affordable housing.

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