Finance & markets · 07/07/2020

Relaxation of Low-Income Housing Credit Compliance-Monitoring Regulations

The Internal Revenue Service (IRS) has proposed new regulations to relax the compliance-monitoring requirements for state and local housing credit agencies administering the low-income housing credit under section 42 of the Internal Revenue Code. The proposed changes aim to reduce the burden on these agencies, primarily affecting low-income housing project owners and tenants.