IRS Issues COVID-19 LIHTC Relief Notice 2020-53

From: Michal Machnowski
Date: July 1, 2020 at 4:14:21 PM EDT
To: Michal Machnowski
Cc: Larry Keys
Subject: NAHMA LIHTC Update: IRS Issues COVID-19 LIHTC Relief Notice 2020-53

Dear NAHMA Members,

Today, the Internal Revenue Service (IRS) issued Notice 2020-53 , which provides COVID-19-related relief and revenue procedures for issuers, owners, operators and tenants of residential rental properties financed with LIHTCs (Housing Credits).

This notice allows certain time-sensitive actions (such as the 10 percent test for carryover allocations, the 24-month minimum rehabilitation expenditure period and reasonable period of casualty loss restoration or replacement) that were due from April 1, 2020, through Dec. 30, 2020, to have a new deadline of Dec. 31, 2020. Additionally, the notice states that owners of properties are not required to perform certain income rectifications or adjust the eligible basis of a building due to temporary closure of common areas or amenities due to the pandemic and state agencies are not required to conduct compliance monitoring of those properties.

IRS Notice 2020-53 is attached and can also be viewed here.

Kind regards,

Michal
Michal Machnowski
Manager of Government Affairs
National Affordable Housing Management Association
400 N. Columbus St., Suite 203
Alexandria, VA 22314
703-683-8630 (ext. 116)
703-683-8634 (fax)
mmachnowski@nahma.org

NAHMA is the leading voice for affordable housing management, advocating on behalf of multifamily property managers and owners whose mission is to provide quality affordable housing.