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The IRS recently released a memo, entitled “Low-Income Housing Credit—Noncompliance Resulting from Conflicting Program,” directed to examiners auditing LIHTC issues. The memo addressed whether a building could continue to qualify as low income under Section 42 of the Internal Revenue Code (IRC) if an owner doesn’t renew a tenant’s lease because the tenant’s increase in income was above the amount allowed under requirements of a local, state, or other federal program.
