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July 7, 2020
2020-1698

IRS issues proposed regulations for monitoring compliance with low-income housing credit

The IRS has issued proposed regulations (REG-123027-19) affecting compliance-monitoring duties of state and local housing credit agencies with regard to the IRC Section 42 low-income housing credit (LIHC). The regulations would relax the minimum compliance-monitoring sampling requirement for purposes of physical inspections and low-income certification review provided in February 2019 amendments (TD 9848) to the LIHC compliance-monitoring regulations. Comments and requests for a public hearing may be submitted within 60 days of July 7, 2020, when the regulations are published in the Federal Register.

 

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