The IRS has extended through July 15, 2020, a list of tax deadlines falling on or after April 1, 2020, and before July 15, 2020. These include the Housing Credit deadlines listed below as well as several Multifamily Housing Bond deadlines. For more information, see the National Council of State Housing Agencies‘ (NCSHA) post.
Housing Credit Deadlines:
- The 10 percent test requirement
- The 24-month period in which the requisite amount of rehabilitation expenditures has to be incurred
- The annual owner certification of compliance
- The annual tenant income certification requirement
- The requirement to notarize a binding agreement by the fifth day following the end of the month in which the binding agreement was made
- The requirement to notarize a binding agreement by the fifth day following the end of the month in which the tax-exempt bonds are issued
- The 10-year rule for claiming credits on an existing building
- The minimum set-aside requirement
- The requirement that a low-income housing commitment must be in effect as of the beginning of the year for a building to receive credit
Through separate Housing Credit disaster guidance, Housing Credit properties with carryover allocations in effect prior to January 20, 2020, will receive an additional six months to meet the 10 percent test. Allocating agencies can also grant deadline extensions if needed. For more information, see posts from NCSHA and Novogradac and Co.