Notice 2022-5: Extended temporary relief, low-income housing credit under section 42 (COVID-19)
Relief from certain requirements under section 42 for qualified low-income housing projects
Low-income housing credit under section 42 (COVID-19)
The IRS today released an advance version of Notice 2022-5 extending and providing new temporary relief for certain requirements regarding the low-income housing credit available under section 42 for qualified low-income housing projects.
The relief for qualified low-income housing projects was initially provided by prior IRS guidance in response to the coronavirus (COVID-19) pandemic, and that relief was extended most recently by Notice 2021-12 (as clarified by Notice 2021-17). Read TaxNewsFlash
Notice 2022-5 [PDF 143 KB] addresses the temporary relief from certain requirements under section 42 for qualified low-income housing projects and under sections 142(d) and 147(d) for qualified residential rental projects. Today’s notice provides new relief and also extends the temporary relief for certain requirements that were addressed in Notice 2021-12.
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