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The initial compliance period for a development receiving an HTC allocation is 15 years. For HTC allocations made in 1990 and later, an extended use agreement required by Internal Revenue Code Section 42(h)(6) extends the compliance period up to a minimum of 15 additional years.
Section 42(h)(6)(E)(i)(II) of the Internal Revenue Code provides that the extended use period shall terminate if a housing credit agency is unable to present a qualified contract to a taxpayer who has requested such a contract.
The Internal Revenue Code (Code) contains some of the basic provisions for handling qualified contract requests. However, there are a number of important questions that have not been answered through federal regulation or other guidance. The purpose of this guide is to set forth the procedures to be followed by OHCS and the owners of OHCS tax credit developments who are considering making a request for a qualified contract.
The provisions in the Code are subject to modification and clarification by the Internal Revenue Service (IRS). OHCS reserves the right to revise this Qualified Contract Process Guide. Compliance with the requirements of Section 42 is the responsibility of the owner of the building for which the credit is allowable.
LIHTC and Grant Refinance
Post-15 Underlying Transfer of Ownership
Transfer of Ownership: Tax Credits and Grants
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