Affordable Housing News & Views - February 2022

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Capitol Connection: Housing and legislative updates

Listen in as two preeminent leaders from affordable housing’s efforts on The Hill, Bob Moss and David Gasson, both principals with MG Housing Strategies, join Beth Mullen, CohnReznick’s Affordable Housing practice leader, to discuss critical legislative updates for the LIHTC industry. This month’s discussion centers around the latest outlook for the Build Back Better (BBB) bill and its proposed affordable housing provisions, and other ways those priorities could still move forward if the bill does not.

IRS Notice 2022-05 extends housing credit program deadlines

In response to the ongoing impact of the COVID-19 pandemic on housing credit properties, the IRS has issued new guidance providing temporarily relief from many key program deadlines. While the new guidance arrived after previous deadline extensions had expired, the January 2022 notice alleviates much of the confusion experienced in the interim. It also provides further clarity regarding the calculation of initial year credits for properties leasing in 2020, 2021, and 2022.

[Update 10/7/2022: The IRS has now issued guidance further extending some, but not all, of these deadlines. The page linked below has been updated to reflect the changes.]

Schedule K2 & K3 Forms: What are they, and why do you need them? 

Tune into an insightful discussion featuring CohnReznick’s Jonathan Maakestad, Laura Wilder, and Beth Mullen as they discuss the new Schedule K2 and K3 forms for partnership tax returns. Learn about the source of the income and deductions, why you need to file if all of your operations are U.S.-based, and other frequently asked questions.

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    Contact Beth Beth+Mullen
    Beth Mullen

    CPA, Partner, Affordable Housing Industry Leader

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This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.