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Proposed regulations: Low-income housing credit compliance-monitoring duties under section 42

Low-income housing credit compliance-monitoring duties

The U.S. Treasury Department and IRS today released a notice of proposed rulemaking (REG-123027-19) concerning the compliance-monitoring duties of state or local housing credit agencies for purposes of the low-income housing credit under section 42.

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The proposed regulations [PDF 138 KB] would relax the minimum compliance-monitoring sampling requirement for purposes of physical inspections and low-income certification review provided in previously issued final regulations (2019) concerning the low-income housing credit compliance monitoring rules. According to an IRS transmittal message, the proposed regulations relax the minimum compliance-monitoring sampling requirement for purposes of physical inspections and low-income certification review, and provide flexibility as well as reduced burdens with respect to the requirements set forth in the 2019 final regulations.

Today’s proposed regulations were issued in advance of being released to the Federal Register and include this statement:

This document will be submitted to the Office of the Federal Register (OFR) for publication. The version of the final rule [sic] released today may vary slightly from the published document if minor editorial changes are made during the OFR review process. The document published in the Federal Register will be the official document. 

The U.S. Treasury Department and IRS on July 2, 2020, officially released the proposed regulations [PDF 260 KB] for publication in the Federal Register. These regulations were published in the Federal Register on July 7, 2020.

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