IRS Clarifies Local Approval and Preference Regarding LIHTC Developments

IRS Clarifies Local Approval and Preference Regarding LIHTC Developments



The IRS recently issued guidance on LIHTC developments and their compliance with fair housing rules at the local level. Notice 2016-77 relates to allocations of housing credits to projects located in a qualified census tract. A qualified census tract (QCT) is a geographic area defined by the Census Bureau and designated by HUD in which at least 50 percent of households have an income less than 60 percent of the area median gross income or have a poverty rate of 25 percent or more.

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