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Form 8823 (Rev February 2004) Low-Income Housing Credit Agencies Report of Noncompliance or Building

Form 8823 (Rev February 2004) Low-Income Housing Credit Agencies Report of Noncompliance or Building-2025

Form 8823 (Rev February 2004) Low-Income Housing Credit Agencies Report of Noncompliance or Building Preview on Page 1

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Form 8823 is used by low-income housing credit agencies to report noncompliance with low-income housing tax credit provisions or to notify the IRS of building dispositions. It requires details about the building, owner, and specific noncompliance issues, and must be filed within 45 days of a building's disposition or the end of the correction period for noncompliance. The form includes instructions for reporting various types of noncompliance and emphasizes the importance of maintaining compliance with federal regulations.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the building name and checking if it differs from Form 8609. This is crucial for accurate identification.
Fill in the owner's name and address details, ensuring all information matches what is on Form 8609.
Input the Building Identification Number (BIN) assigned by the housing credit agency, as well as the owner's taxpayer identification number.
Complete sections regarding residential rental units, including total units and those with noncompliance issues. Be precise to avoid errors.
Indicate dates related to noncompliance corrections and when compliance ceased, following the provided instructions carefully.
Check applicable boxes for noncompliance reasons and provide additional explanations where necessary. Attach any required documentation.
Finally, review your entries for accuracy before signing off on the form. Ensure that all required fields are completed.

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What is the 8823 guide?

The Guide was first released in 2007 to provide guidelines for preparing Form 8823, the Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition.

How does the State housing Finance Agency document and report non compliance findings to the IRS?

What Does an 8823 Communicate? The 8823 Form is used when LIHTC noncompliance is identified by a state agency in order to notify the IRS of that noncompliance.

How long must first year tax credit files be retained?

End of the first year of tax credit. The records for the first year of the credit period must be retained for at least six (6) years beyond the due date (with extensions) for filing the federal income tax return for the last year of the compliance period.

What happens when you get an 8823?

Housing credit agencies use Form 8823 as part of their compliance monitoring responsibilities under section 42(m)(1)(B)(iii) to notify the IRS of any building disposition or noncompliance with the low-income housing tax credit provisions. The housing credit agency should also give a copy of Form 8823 to the owner(s).

What is the IRS form 8823 used for?

How much is a low-income housing tax credit?

The 70 percent subsidy, or 9 percent tax credit, supports new construction without any additional federal subsidies. Rental properties that qualify for the LIHTC tend to have both lower debt service payments and lower vacancy rates than market-rate rental housing.

What is a low-income housing credit agency report of noncompliance or building disposition?

The IRS Form 8823, titled Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition, is utilized by state agencies to report noncompliance with the Low-Income Housing Tax Credit (LIHTC) program or the disposition of buildings within the program.

Who does the low-income housing tax credit give federal income taxes to?

The Low-Income Housing Tax Credit provides a tax incentive to construct or rehabilitate affordable rental housing for low-income households. The Low-Income Housing Tax Credit (LIHTC) subsidizes the acquisition, construction, and rehabilitation of affordable rental housing for low- and moderate-income tenants.

Form 8823 (Rev February 2004) Low-Income Housing Credit Agencies Report of Noncompliance or Building-2025

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