IRs Regulations and Guidance 
The Internal Revenue Service and Internal Revenue Code regulate the Housing Credit Program and have a major impact on the programs offered by OHFA. As a property manager or owner of a project funded through tax credits, it’s your responsibility to be familiar with the following IRC code and IRS notices, procedures, and rulings. OHFA strongly encourages you to seek experienced legal and accounting advice in order to comply with all program requirements.
If you have any questions concerning the following IRS regulations, contact your regional representative.
Applicable Guides, Code and Regulations
- Guide for Completing Form 8823 (Revised October 2009) (1 MB Adobe PDF File)
- OHFA Guidance – Revised 8823 Guide (Issued October 2009) (68 KB Adobe PDF File)
- OHFA 8823 Guide Implementation Memo (Issued May 2007) (50 KB Adobe PDF File)
- Internal Revenue Code Section 42 (108 KB Adobe PDF File)
- Treasury Regulation 1.42 (364 KB Adobe PDF File)
Notices
- Notice 2008-79: Tax-Exempt Housing Bonds and 2008 Housing Legislation (31 KB Adobe PDF File)
- Notice 88-80: Determination of Income (25 KB Adobe PDF File)
- Notice 88-91: Building Identification Numbers (17 KB Adobe PDF File)
- Notice 88-116: Placed in Service (13 KB Adobe PDF File)
Procedures
- Rev. Proc. 92-31: Unused Allocation (10 KB Adobe PDF File)
- Rev. Proc. 94-57: Gross Rent Floor (11 KB Adobe PDF File)
- Rev. Proc. 94-65: Net Family Assets (Assets Under $5,000) (8 KB Adobe PDF File)
- Rev. Proc. 96-32: Charitable Organizations and Housing (28 KB Adobe PDF File)
- Rev. Proc. 98-25: Electronic Record Storage (37 KB Adobe PDF File)
- Rev. Proc. 99-11: Treasury Direct Account (17 KB Adobe PDF File)
- Rev. Proc. 2003-82: Safe Harbor–Recertifications (29 KB Adobe PDF File)
- Rev. Proc. 2004-39: Qualified Residential Rental Projects (21 KB Adobe PDF File)
- Rev. Proc. 2005-37: Good Cause Safe Harbor (20 KB Adobe PDF File)
- Rev. Proc. 2007-54: Disasters Declared by the President (29 KB Adobe PDF File)
- Rev. Proc. 2008-60: Recapture/Discontinuing a Surety Bond or Treasury Direct Account (24 KB Adobe PDF File)
Rules
- Rev. Rule 90-60: Satisfactory Bond (Change in Ownership) (73 KB Adobe PDF File)
- Rev. Rule 90-89: Minimum Set-Aside Requirements (13 KB Adobe PDF File)
- Rev. Rule 91-38: Frequently Asked Questions (104 KB Adobe PDF File)
- Rev. Rule 92-61: Resident Manager Unit (21 KB Adobe PDF File)
- Rev. Rule 94-57: AMGI; Tenant Qualification; Available Unit Rule (17 KB Adobe PDF File)
- Rev. Rule 95-49: Tenant Right of First Refusal (8 KB Adobe PDF File)
- Rev. Rule 96-35: Treatment of FEMA Assistance (8 KB Adobe PDF File)
- Rev. Rule 97-4: Buildings Eligible for Credit (7 KB Adobe PDF File)
- Rev. Rule 98-47: Residential Units–Tax Exempt Bond Projects (25 KB Adobe PDF File)
- Rev. Rule 98-49: Section 8 Payments (5 KB Adobe PDF File)
- Rev. Rule 2002-65: HUD Subsidies Treated as Grants (67 KB Adobe PDF File)
- Rev. Rule 2003-77: Community Service Facility (51 KB Adobe PDF File)
- Rev. Rule 2004-82: Questions and Answers (90 KB Adobe PDF File)
