How to Get a Private Letter Ruling
Like every other tax credit site manager, you may not always be sure of the right way to handle a situation. And the owner may sometimes ask you questions that you can’t answer. For example, you may not know whether the IRS can give the owner more time to elect the site’s minimum set-aside, or whether the IRS will still consider your site residential if you offer certain nursing or medical services to residents. If you don’t do the right thing, your state housing agency may cite you for noncompliance, putting the owner’s tax credits at risk.