IRS Announces $2.7 Million in 2018 LIHTC National Pool Credits
The IRS recently published Revenue Procedure 2019-41, which announced the amounts of unused LIHTC carryovers allocated to qualified states for calendar year 2019. Unused LIHTCs are oftentimes generated from small amounts of LIHTCs returned by affordable housing developments or from otherwise remaining LIHTCs toward the end of the year that could not be matched with new applications before the end of the year. The national pool sweeps up these amounts and distributes the total to other states. For calendar year 2019, the total amount of unused LIHTCs allocated from the national pool was $2,709,998.
The IRS guidance explains that the national pool is distributed on a per-capita basis among the qualified states. Amounts of reallocated LIHTC range from a low of $6,464 for Vermont to a high of $408,227 for California.