Multifamily Update memo regarding IRS Credit Regulatory Relief available during COVID-19 Pandemic

On January 11, the Internal Revenue Service (IRS) issued Notice 2022-05 extending and expanding on temporary relief for state Housing Credit agencies and owners and residents of Housing Credit properties in response to the COVID-19 pandemic. This is the fourth such notice IRS has issued since the beginning of the pandemic, as it has adjusted deadlines and temporary waiver periods of certain program requirements in response to the continuing public health crisis. Section IV of IRS Notice 2022-05 sets forth applicable relief/extension options available to certain low-income housing credit projects.

The “2022 AHFA Grant of Relief for Deadlines Related to the Low-Income Housing Credit Form" can be found at https://www.ahfa.com/multifamily/post-award/reservation. If eligible, please review, complete and return the form to AHFA by January 31, 2022.

This election may be separate from, and in addition to, any pending 2022 COVID-19 Pandemic Relief Response Application(s) which are required to be submitted by Friday, January 28, 2022, for eligible project years 2018,2019 and 2020. Please refer to MF Notice 22-04 found at https://www.ahfa.com/multifamily/multifamily-notices.

Please direct all questions to MF Application ahfa.mf.application@AHFA.COM