Industry Groups Oppose GAO's Joint IRS-HUD Oversight Recommendation

In response to a report from the Government Accountability Office (GAO) suggesting that a joint administration between the IRS and HUD would benefit the LIHTC program, LIHTC industry groups have opposed the GAO’s recommendations. The GAO report suggests that the IRS currently lacks appropriate resources to engage in more than minimal oversight of the program. It notes that, since 1986, the IRS has conducted seven audits of 56 state housing finance agencies (HFA) on which the IRS relies to administer and oversee the program.