On October 7, 2022 the IRS released guidance that provides temporary relief from certain Section 42 requirements. It addresses issues related to unavoidable labor and supply-chain disruptions that have delayed projects across the country.
The following deadlines have been extended by the notice:
- For properties intended to place in service in 2021 and 2022, Deadlines for placing in service is now extended a full 12 months.
- Casualty loss restoration timelines may be extended at DHCD’s discretion, not to go past 12/31/23.
The full document can be read here: https://www.ncsha.org/wp-content/uploads/Housing-Credit-Coronavirus-Relief-Guidance-Extension.pdf
