On December 18, 2015, President Obama signed a law that makes permanent the 9% minimum Housing Credit Rate to any new building that is not federally subsidized and which is placed in service after December 18, 2015.
Accordingly, the Louisiana Housing Corporation will use the 9% applicable percentage on IRS Form(s) 8609 for any new building placed in service after December 18, 2015 and which is not federally subsidized. No change in the amount of Low-Income Housing Credits previously awarded or allocated by LHC to buildings placed in service after December 18, 2015 is anticipated. The LHC will reduce the maximum qualified basis for each building in a qualified low-income housing project on IRS Forms 8609 so that the statutory 9% applicable percentage will be applied to a lower specified maximum qualified basis on IRS Form 8609 in order to equal the LIHTCs previously awarded or allocated to such buildings.
