ACTION Co-Chair, the National Council of State Housing Agencies (NCSHA), has sent a letter to the Internal Revenue Service (IRS) and the U.S. Department of the Treasury (Treasury) urging them to extend and expand Covid-19 relief for the Housing Credit program.
The IRS in July issued temporary Housing Credit relief, Notice 2020-53, providing relief from certain Housing Credit requirements through December 31, 2020. NCSHA is urging them to extend this relief through at least September 30, 2021. In addition, NCSHA is urging the IRS and Treasury to make four additional accommodations to keep the Housing Credit program operating effectively during the pandemic: a 12-month extension of the placed-in-service deadline for all developments allocated Housing Credits in calendar years 2018 – 2021, a 12-month extension of the year-end deadline for property restoration for any property that suffers a casualty loss not associated with a major disaster during 2020, a 12-month extension for all open noncompliance corrective action periods, and guidance clarifying Housing Credit allocating agencies may conduct telephonic hearings to satisfy public approval requirements for qualified allocation plans until September 30, 2021.
For a synopsis of NCSHA’s recommendations to the IRS, read their recent blog here.
Sign-On in Support of NCHSA’s Letter to the IRS for Housing Credit Covid-19 Relief
The ACTION Campaign urges its members and supporters to sign-on to a letter in support of NCSHA’s recommendations to the IRS, which is currently being circulated by ACTION Steering Committee Member, the Affordable Housing Tax Credit Coalition (AHTCC). The deadline to sign-on is COB this Friday, November 20.
Please email Krista D’Alessandro, email@example.com, with any questions.