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The National Council of State Housing Agencies (NCSHA) represents the state-level allocating agencies that administer the LIHTC program. From the early days of the program, NCSHA has maintained “Recommended Practices for Housing Credit Administration.” The first version of the document was cited by the General Accounting Office (GAO) in its 1997 report to Congress on the LIHTC program,...
Section 42 of the Internal Revenue Code requires state housing agencies to conduct on-site inspections of all buildings by the end of the second calendar year following the year the last building in the project is placed in service. In addition, the code says that an agency must also conduct on-site inspections and low-income certification review at least once every three years after the initial on-site inspection.
On Feb. 26, the IRS issued final regulations for LIHTC compliance monitoring. The regulations replace the temporary compliance monitoring regulations under which state housing agencies have been operating since 2016. The new regulations make several changes to compliance monitoring requirements, including in some cases increasing the number of units in a property that housing agencies will need to monitor. The final regulations became effective immediately.
