Multifamily Low Income Occupancy Compliance

The law firm of Pillsbury Winthrop provides guidance relating to low income occupancy compliance for multifamily developments.

1 minute read

July 16, 2004, 11:00 AM PDT

By Chris Steins @planetizen

"On July 1, 2004, the Internal Revenue Service issued Revenue Procedure 2004-39 setting forth procedures for determining whether a bond financed residential rental project is in compliance with the set-aside requirements contained in Section 142(d) of the Internal Revenue Code in the context of an acquisition/rehabilitation transaction or a new construction project... The set-aside requirements often raise a compliance dilemma for developers, especially during rehabilitation of a project. For example, must a developer rent all available units in a project until the 20% or 40% set-asides, as applicable, are met in relation to the total units constructed? Or, alternatively, is it only necessary that 20% or 40% of the leased units, as applicable, at any given time actually be occupied by low income individuals?"

Thanks to Chris Steins

FULL STORY: Multifamily Low Income Occupancy Compliance

Thursday, July 15, 2004 in Pillsbury Winthrop

Housing United States

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Start Learning

Advertise with us

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.