NCSHA Letter to the IRS and Treasury Urges Extension and Expansion of Covid-19 Relief

On November 16, the National Council of State Housing Agencies (NCSHA) sent a letter to the Internal Revenue Service (IRS) and the US Department of Treasury (Treasury) urging them to extend and expand Covid-19 relief for the Housing Credit program. In July, the IRS issued temporary Housing Credit relief through Notice 2020-53, which included deadline extensions and suspensions to certain Housing Credit requirements through December 31, 2020. Given the continued disruption of the pandemic on the construction and operations of Housing Credit properties, NCSHA is urging the IRS and Treasury to extend these initial deadline extensions and suspensions to at least September 30, 2021. In addition, NCSHA is pressing for four additional accommodations for Housing Credit relief, including: 
A 12-month extension of the placed-in-service deadline for all developments allocated Housing Credits in calendar years 2018 – 2021; 
A 12-month extension of the year-end deadline for property restoration for any property that suffers a casualty loss not associated with a major disaster during 2020; 
A 12-month extension for all open noncompliance corrective action periods; and
Guidance clarifying Housing Credit allocating agencies may conduct telephonic hearings to satisfy public approval requirements for qualified allocation plans until September 30, 2021. 
Enterprise strongly supports NCSHA’s recommendations to the IRS and Treasury for additional Housing Credit relief in light of the continued impact of the pandemic. For a synopsis of NCSHA’s requests, read their recent blog here

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