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IRS Finalizes Rules for Low-Income Housing Credit Test (2)

Oct. 7, 2022, 3:38 PMUpdated: Oct. 7, 2022, 9:20 PM

The IRS released final rules outlining which rental units are eligible for the low income housing tax credit on Friday.

The final regulations (TD 9967, RIN: 1545-BO92) specify rent restriction requirements to qualify as a low-income housing project under Section 42. IRS also proposed rules (REG-113068-22, RIN 1545-BQ47) concerning recordkeeping and reporting requirements for the average income test for purposes of the low-income housing credit.

“To close the supply gap and expand housing affordability, the Administration continues to urge Congress to act on a bipartisan basis to support the construction and preservation of affordable housing this year,” said a ...