N-16-77 an RR-16-29 - Low Income Housing Credits

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Dec. 12, 2016

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Issue Number: N-16-77 and RR-16-29

Inside This Issue

Notice 2016-77 relates to allocations of low-income housing credits to projects and serves as a reminder to taxpayers that a project located in a qualified census tract is not described in § 42(m)(1)(B)(ii)(III) of the Code unless the project’s development contributes to a concerted community revitalization plan.

Revenue Ruling 2016-29 relates to allocations of low-income housing credits to projects and clarifies that § 42(m)(1)(A)(ii) of the Code neither requires nor encourages State housing credit allocating agencies to reject the proposed development of a low-income housing project that does not obtain the approval of the locality where the project is proposed to be developed.

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