NCSHA Urges IRS to Prioritize Housing Credit and Housing Bond Guidance in 2018–2019 Plan

In response to IRS’ request for comments, NCSHA on June 15 sent a letter recommending various issues to prioritize in the Service’s 2018 – 2019 Priority Guidance Plan (PGP). The PGP identifies guidance projects IRS intends to work on during the period from July 1, 2018, to June 30, 2019. NCSHA’s recommendations for Housing Credit guidance included income averaging, compliance monitoring regulations, disaster relief, over-income tenants in resyndication of acquisition/rehabilitation developments, and casualty loss. We also recommended that IRS prioritize Housing Bond guidance related to record retention, public hearing requirements for bond issuance, the time period for relying on updated income limits for MRBs and MCCs, carryforward of bond authority for housing purposes, mortgage fees and interest rates for MRB loans, and investments under the special yield reduction rule.