The AHTCC and over 140 of our partners signed onto a letter to the Internal Revenue Service (IRS) and Treasury Department to request deadline extensions and other accommodations for the Housing Credit in light of the ongoing disruption to affordable housing development, construction and operations brought on by the COVID-19 pandemic.
In July, the IRS issued IRS Notice 2020-53, which provided important deadline extensions and other accommodations for the Housing Credit, including extensions of the 10 percent test and rehabilitation expenditures deadlines, compliance and review moratoriums, and other flexibilities needed in order to take into account other challenges that have emerged, like social distancing policies. However, many of these deadlines are expiring at the end of 2020, and are in need of further extension.
The sign-on letter calls for accommodations requested by National Council of State Housing Agencies earlier in the month, including the extension of deadlines, waivers, and other accommodations provided in IRS Notice 2020-53 to September 30, 2021, at minimum, and a 12-month extension of the placed-in-service deadline for all developments allocated Housing Credits in calendar years 2018 to 2021. The AHTCC thanks our many members who signed on to the letter.