Fillable Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition Form 8823 Sep-2015

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Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition Form 8823 Sep-2015

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Form
8823
(Rev. September 2015)
Department of the Treasury
Internal Revenue Service
Low-Income Housing Credit Agencies
Report of Noncompliance or Building Disposition
Note: File a separate Form 8823 for each building that is disposed of or goes out of compliance.
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Information about Form 8823 is available at www.irs.gov/form8823.
OMB No. 1545-1204
Check here if this is an
amended return
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1 Building name (if any). Check if item 1 differs from Form 8609
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IRS Use Only
Street address
City or town, state, and ZIP code
2 Building identification number (BIN)
3 Owner’s name. Check if item 3 differs from Form 8609
▶
Street address
City or town, state, and ZIP code
4 Owner’s taxpayer identification number
EIN SSN
5 Total credit allocated to this BIN . . . . . . . . . . . . . . . . . . . . . . . .
▶
$
6 If this building is part of a multiple building project, enter the number of buildings in the project . . . . . . . . .
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7 a Total number of residential units in this building . . . . . . . . . . . . . . . . . . . . . . .
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b Total number of low-income units in this building . . . . . . . . . . . . . . . . . . . . . .
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c Total number of residential units in this building determined to have noncompliance issues . . . . . . . . . .
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d Total number of units reviewed by agency (see instructions) . . . . . . . . . . . . . . . . . . .
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8 Date building ceased to comply with the low-income housing credit provisions (see instructions) (MMDDYYYY) . .
9 Date noncompliance corrected (if applicable) (see instructions) (MMDDYYYY) . . . . . . . . . . . .
10 Check this box if you are filing only to show correction of a previously reported noncompliance problem . . . . . . .
▶
11 Check the box(es) that apply:
Out of
compliance
Noncompliance
corrected
a Household income above income limit upon initial occupancy . . . . . . . . . . . . . . . . .
b Owner failed to correctly complete or document tenant’s annual income recertification . . . . . . . . .
c Violation(s) of the UPCS or local inspection standards (see instructions) (attach explanation) . . . . . . . .
d Owner failed to provide annual certifications or provided incomplete or inaccurate certifications . . . . . . .
e Changes in Eligible Basis or the Applicable Percentage (see instructions) . . . . . . . . . . . . .
f Project failed to meet minimum set-aside requirement (20/50, 40/60 test) (see instructions) . . . . . . . .
g Gross rent(s) exceed tax credit limits . . . . . . . . . . . . . . . . . . . . . . . .
h Project not available to the general public (see instructions) (attach explanation) . . . . . . . . . . .
i Violation(s) of the Available Unit Rule under section 42(g)(2)(D)(ii) . . . . . . . . . . . . . . . .
j Violation(s) of the Vacant Unit Rule under Reg. 1.42-5(c)(1)(ix) . . . . . . . . . . . . . . . . .
k Owner failed to execute and record extended-use agreement within time prescribed by section 42(h)(6)(J) . . . .
l Low-income units occupied by nonqualified full-time students . . . . . . . . . . . . . . . . .
m Owner did not properly calculate utility allowance . . . . . . . . . . . . . . . . . . . .
n Owner has failed to respond to agency requests for monitoring reviews . . . . . . . . . . . . . .
o Low-income units used on a transient basis (attach explanation) . . . . . . . . . . . . . . . .
p Building is no longer in compliance nor participating in the section 42 program (attach explanation) . . . . . .
q Other noncompliance issues (attach explanation) . . . . . . . . . . . . . . . . . . . .
12 Additional information for any item above. Attach explanation and check box . . . . . . . . . . . . . . .
▶
13 a
Building disposition by
Sale Foreclosure Destruction Other (attach explanation)
b
Date of disposition (MMDDYYYY)
c New owner’s name
Street address
City or town, state, and ZIP code
d New owner’s taxpayer identification number
EIN SSN
14
Name of contact person
15 Telephone number of contact person
Ext.
Under penalties of perjury, I declare that I have examined this report, including accompanying statements and schedules, and to the best of my knowledge and belief, it is
true, correct, and complete.
▲
Signature of authorizing official
▲
Print name and title
▲
Date (MMDDYYYY)
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 12308D
Form 8823 (Rev. 9-2015)
click to sign
signature
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dd mmm yyyy
Form 8823 (Rev. 9-2015)
Page 2
General Instructions
Section references are to the Internal Revenue Code
unless otherwise noted.
Future developments. For the latest information about
developments related to Form 8823 and its instructions,
such as legislation enacted after they were published, go
to www.irs.gov/form8823.
Purpose of Form
Housing credit agencies use Form 8823 to fulfill their
responsibility under section 42(m)(1)(B)(iii) to notify the
IRS of noncompliance with the low-income housing tax
credit provisions or any building disposition.
The housing credit agency should also give a copy of
Form 8823 to the owner(s).
Who Must File
Any authorized housing credit agency that becomes
aware that a low-income housing building was disposed
of or is not in compliance with the provisions of section
42 must file Form 8823.
When To File
File Form 8823 no later than 45 days after (a) the
building was disposed of or (b) the end of the time
allowed the building owner to correct the condition(s)
that caused noncompliance. For details, see Regulations
section 1.42-5(e).
Where To File
File Form 8823 with the:
Department of the Treasury
Internal Revenue Service Center
Philadelphia, PA 19255-0549
Specific Instructions
Amended return. If you are filing an amended return to
correct previously reported information, check the box at
the top of page 1.
Item 2. Enter the building identification number (BIN)
assigned to the building by the housing credit agency as
shown on Form 8609.
Items 3, 4, 13c, and 13d. If there is more than one
owner (other than as a member of a pass-through entity),
attach a schedule listing the owners, their addresses, and
their taxpayer identification numbers. Indicate whether
each owner’s taxpayer identification number is an
employer identification number (EIN) or a social security
number (SSN).
Both the EIN and the SSN have nine digits. An EIN has
two digits, a hyphen, and seven digits. An SSN has three
digits, a hyphen, two digits, a hyphen, and four digits, and
is issued only to individuals.
Item 7d. “Reviewed by agency” includes physical
inspection of the property, tenant file inspection, or
review of documentation submitted by the owner.
Item 8. Enter the date that the building ceased to comply
with the low-income housing credit provisions.
If there are multiple noncompliance issues, enter the
date for the earliest discovered issue. Do not complete
item 8 for a building disposition. Instead, skip items 9
through 12, and complete item 13.
Item 9. Enter the date that the noncompliance issue was
corrected. If there are multiple issues, enter the date the
last correction was made.
Item 10. Do not check this box unless the sole reason
for filing the form is to indicate that previously reported
noncompliance problems have been corrected.
Items 11a to 11p. Check only the “out of compliance”
box if the issue causing the noncompliance remains
uncorrected at the end of the correction period. Check
both the “out of compliance” and “noncompliance
corrected” boxes if the noncompliance was corrected
within the correction period. Check only the
“noncompliance corrected” box if the noncompliance
was previously reported to the IRS on a separate Form
8823.
Item 11c. Housing credit agencies must use either
(a) the local health, safety, and building codes (or other
habitability standards) or (b) the Uniform Physical
Condition Standards (UPCS) (24 C.F.R. section 5.703)
to inspect the project, but not in combination. The UPCS
does not supersede or preempt local codes. Thus, if a
housing credit agency using the UPCS becomes aware
of any violation of local codes, the agency must report the
violation. Attach a statement describing either (a) the
deficiency and its severity under the UPCS, i.e., minor
(level 1), major (level 2), and severe (level 3) or (b) the
health, safety, or building violation under the local codes.
The Department of Housing and Urban Development’s
Real Estate Assessment Center has developed a
comprehensive description of the types and severities of
deficiencies entitled “Revised Dictionary of Deficiency
Definitions” found at www.hud.gov. Under Regulations
section 1.42-5(e)(3), report all deficiencies to the IRS
whether or not the noncompliance or failure to certify is
corrected at the time of inspection.
Item 11d. Report the failure to provide annual
certifications or the provision of certifications that are
known to be incomplete or inaccurate as required by
Regulations section 1.42-5(c). As examples, report a
failure by the owner to include a statement summarizing
violations (or copies of the violation reports) of local
health, safety, or building codes; report an owner who
provided inaccurate or incomplete statements concerning
corrections of these violations.
Item 11e. For buildings placed in service before July 31,
2008, report any federal grant made with respect to any
building or the operation thereof during any tax year in the
compliance period. For buildings placed in service after
July 30, 2008, report any federal grant used to finance
any costs that were included in the eligible basis of any
building. Report changes in common areas which
become commercial, when fees are charged for facilities,
etc. In addition, for buildings placed in service before July
31, 2008, report any below market federal loan or any
obligation the interest on which is exempt from tax under
section 103 that is or was used (directly or indirectly) with
respect to the building or its operation during the
compliance period and that was not taken into account
when determining eligible basis at the close of the first
Form 8823 (Rev. 9-2015)
Page 3
year of the credit period. For buildings placed in service
after July 30, 2008, report any obligation the interest on
which is exempt from tax under section 103 that is or was
used (directly or indirectly) with respect to the building or
its operation during the compliance period and that was
not taken into account when determining eligible basis at
the close of the first year of the credit period.
Item 11f. Failure to satisfy the minimum set-aside
requirement for the first year of the credit period results in
the permanent loss of the entire credit.
Failure to maintain the minimum set-aside requirement
for any year after the first year of the credit period results
in recapture of previously claimed credit and no
allowable credit for that tax year. No low-income housing
credit is allowable until the minimum set-aside is restored
for a subsequent tax year.
Item 11h. All units in the building must be for use by
the general public (as defined in Regulations section
1.42-9 and further clarified in section 42(g)(9)),
including the requirement that no finding of
discrimination under the Fair Housing Act occurred for
the building. Low-income housing credit properties are
subject to Title VIII of the Civil Rights Act of 1968, also
known as the Fair Housing Act. The Act prohibits
discrimination in the sale, rental, and financing of
dwellings based on race, color, religion, sex, national
origin, familial status, and disability. See 42 U.S.C.A.
sections 3601 through 3619.
It also mandates specific design and construction
requirements for multifamily housing built for first
occupancy after March 13, 1991, in order to provide
accessible housing for individuals with disabilities. The
failure of low-income housing credit properties to comply
with the requirements of the Fair Housing Act will result in
the denial of the low-income housing tax credit on a
per-unit basis.
Individuals with questions about the accessibility
requirements can obtain the Fair Housing Act Design
Manual through www.huduser.org.
Item 11i. The owner must rent to low-income tenants all
comparable units that are available or that subsequently
become available in the same building in order to
continue treating the over-income unit(s) as a low-income
unit. All units affected by a violation of the available unit
rule may not be included in qualified basis. When the
percentage of low-income units in a building again equals
the percentage of low-income units on which the credit is
based, the full availability of the credit is restored. Thus,
only check the “Noncompliance corrected” box when the
percentage of low-income units in the building equals the
percentage on which the credit is based.
Item 11k. Section 42(h)(6) requires owners of tax credit
properties to enter into an extended use agreement with
the state agency that allocated the credits to the project.
Building owners must agree to a long-term commitment
beginning on the first day of the 15-year compliance
period and ending on the later of (1) the date specified by
the state agency in the agreement or (2) the date which is
15 years after the close of the 15-year compliance
period.
The extended use agreement must (1) specify that the
applicable fraction for the building for each year in the
extended use period will not be less than the applicable
fraction specified in the extended use agreement and
prohibit the eviction or the termination of tenancy (other
than for good cause) of an existing tenant of any low-
income unit, or any increase in the gross rent with respect
to such unit not otherwise permitted under section 42, (2)
allow individuals (whether prospective, present, or former
occupants) who meet the income limitations applicable to
the building under section 42(g) the right to enforce in
state court the requirements and prohibitions under
section 42(h)(6)(B)(i) throughout the extended use period,
(3) prohibit the disposition to any person of any portion of
the building unless all of the building is disposed of to
that person, (4) prohibit the refusal to lease to section 8
voucher holders because of the status of the prospective
tenant as such a holder, and (5) provide that the
agreement is binding on all successors of the taxpayer.
The extended use agreement must be recorded as a
restrictive covenant with respect to the property under
state law.
Noncompliance should be reported if an extended use
agreement is not executed and recorded as a restrictive
covenant with respect to the property under state law or
the owner failed to correct the noncompliance within the
one-year correction period provided by section 42(h)(6)(J).
The one-year correction period begins when the agency
notifies the owner in writing that an extended use
agreement is not recorded as a restrictive covenant with
respect to the property under state law. A copy of the
notification letter should be included as an attachment to
Form 8823 when filed with the IRS.
Item 11q. Check this box for noncompliance events
other than those listed in 11a through 11p. Attach an
explanation. For projects with allocations from the
nonprofit set-aside under section 42(h)(5), report the lack
of material participation by a non-profit organization (i.e.,
regular, continuous, and substantial involvement) that the
housing credit agency learns of during the compliance
period.
Paperwork Reduction Act Notice. We ask for the
information on this form to carry out the Internal Revenue
laws of the United States. You are required to give us the
information. We need it to ensure that you are complying
with these laws and to allow us to figure and collect the
right amount of tax.
You are not required to provide the information
requested on a form that is subject to the Paperwork
Reduction Act unless the form displays a valid OMB
control number. Books or records relating to a form or its
instructions must be retained as long as their contents
may become material in the administration of any Internal
Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.
Form 8823 (Rev. 9-2015)
Page 4
The time needed to complete and file this form will vary
depending on individual circumstances. The estimated
average time is:
Recordkeeping . . . . . . . . . 11 hr., 43 min.
Learning about the law
or the form . . . . . . . . . . . . 1 hr., 35 min.
Preparing and sending
the form to the IRS . . . . . . . . . 1 hr., 51 min.
If you have comments concerning the accuracy of
these time estimates or suggestions for making this form
simpler, we would be happy to hear from you. You can
send your comments to www.irs.gov/formspubs.
Click on “More Information” and then on “Give us
feedback.” Or you can send your comments to the
Internal Revenue Service, Tax Forms and Publications,
1111 Constitution Ave. NW, IR-6526, Washington, DC
20224. Do not send the form to this address. Instead, see
Where To File, earlier.
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Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition Form 8823 Sep-2015

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Completed 23 May 2019

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