IRS Publishes COVID-19 Guidance for Housing Credit and Bond Properties

On April 8, 2020, the IRS published Notice 2020-23 providing relief for Housing Credit and Bond properties due to the COVID-19 pandemic. The relief provides a July 15, 2020 extension to an of the specified time-sensitive actions listed in Revenue Procedure 2018-58 that normally would come due between April 1 and July 15, 2020. For Housing Credit properties this includes:

  • 10% Tests,
  • 24-month period for rehab expenditures,
  • annual owner certifications,
  • applicable credit percentage binding agreements,
  • 10-year rule for claiming credits on existing buildings,
  • meeting the minimum set-aside requirement and the
  • execution of Extended Use Agreements.

If any of these deadlines come due between April 1 and July 15 are now not due to July 15, 2020.

to read the full notice

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