NAHMA LIHTC Update: IRS Issues COVID-19 LIHTC Relief Notice 2020-53

• By: admin
• On: 07/01/2020 16:43:48
• In: NAHMA Update

NAHMA LIHTC Update: IRS Issues COVID-19 LIHTC Relief Notice 2020-53

The Internal Revenue Service (IRS) issued Notice 2020-53 , which provides COVID-19-related relief and revenue procedures for issuers, owners, operators and tenants of residential rental properties financed with LIHTCs (Housing Credits).  
 
This notice allows certain time-sensitive actions (such as the 10 percent test for carryover allocations, the 24-month minimum rehabilitation expenditure period and reasonable period of casualty loss restoration or replacement) that were due from April 1, 2020, through Dec. 30, 2020, to have a new deadline of Dec. 31, 2020.  Additionally, the notice states that owners of properties are not required to perform certain income rectifications or adjust the eligible basis of a building due to temporary closure of common areas or amenities due to the pandemic and state agencies are not required to conduct compliance monitoring of those properties.
 
IRS Notice 2020-53 is attached and can also be viewed here.