Waiving the Vacant Unit Rule During Renovation

Waiving the Vacant Unit Rule During Renovation



Facts: When a low-income housing tax credit project owner violates the Vacant Unit Rule, all vacant units previously occupied by qualified households lose their low-income status and stop generating tax credits for the owner. A developer of a multi-building site asked the IRS if the Vacant Unit Rule could be waived under certain circumstances related to a necessary renovation.

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