Relief on Low-Income Housing Tax Credits

Tax relief is available to issuers, operators, owners, and tenants of qualified low-income housing projects or qualified residential rental projects with exempt facility bonds, and state agencies that have jurisdiction over such projects.

tax creditIRS Notice 2020-53 provides owners and operators until December 31, 2020 to perform certain time sensitive actions and requirements that were supposed to be met between April 1, 2020 and December 31, 2020.

In addition, owners of qualified low-income housing projects are not required to perform certain income recertifications or reduce the eligible basis, from April 1, 2020 to December 31, 2020, in a building because of the temporary closure of an amenity or common area due to the Coronavirus pandemic.

From April 1, 2020 to December 31, 2020, owners and operators of these projects, issuers, and state agencies can treat medical personnel and other essential workers that are providing services during the pandemic as if they were Displaced Individuals (defined in Rev. Procs. 2014-49 and 2014-50) and may provide emergency housing for them.

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