IRS rules outlining which rental units are eligible for the low-income housing tax credit are under White House review.
The rules (RIN: 1545-BO92) arrived at the Office of Information and Regulatory Affairs on Tuesday, according to OIRA’s website.
- The rules address rent restriction requirements needed to qualify as a low-income housing project under tax code Section 42. The credit is available based on the percentage of housing units rented out to people below certain income thresholds.
- Proposed rules in 2020 prevented applicants from altering a unit’s designated income once it was set for a specific income group, ...