Potential HTC Extensions Available under IRS Revenue Procedure 2014-49 for 2019 HTCs
Under IRS Revenue Procedures 2014-49, Minnesota Housing may approve extensions to certain federal HTC deadlines. An owner of an HTC development can request an extension from Minnesota Housing if the owner can demonstrate it cannot reasonably satisfy the existing federal HTC deadlines due to the current federally declared disaster.
- Placed in Service Deadline: Minnesota Housing will consider granting up to a 12-month extension of the placed in service deadline for projects that received an allocation of 2019 HTCs. Extensions may be granted no later than December 31, 2022.
If you intend to request an extension due to COVID-19 Disaster Declaration under IRS Rev-Proc 2014-49, upload your HTC extension letter to the Multifamily Customer Portal in the Project Documents: Customer area under the “Extension Request” folder. Chatter @NicolaViana to notify us that it is there. Minnesota Housing will provide documentation of our final extension determination.
Please include the following information in your extension letter:
- Project name
- Item for which you are requesting an extension
- Project status
- Reason for extension
- New proposed timeline
Please consult with your tax credit counsel to determine the impact on your HTC development. Owners should consult with lenders and investor partners before deciding whether to seek HTC extensions.