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