The New Jersey Housing and Mortgage Finance Agency is extending the ten percent test and placed-in-service deadlines for all 2018 and 2019 nine percent LIHTC owners. The deadline to submit evidence that ten percent requirement of §42(h)(1)(E)(ii) was met is now 12 months after the date the carryover agreement was signed. The deadline to place affected projects in service has been extended by 12 months following the end of the two-year period described in §42(h)(1)(E)(i). For projects with 2018 credits the deadline is now December 31, 2021 and for projects with 2019 credits the deadline is now December 31, 2022.
This relief applies to projects with 2018 and 2019 credits only; please note that those credit years do not necessarily coincide with the year the tax credits were awarded. Additionally, these deadlines do not apply to projects with four percent tax credits. Owners may refer to their signed carryover agreements or contact the Tax Credit division to confirm the credit years for their projects. Prior to the end of the year, the Agency’s Tax Credit Division will contact each affected owner individually to confirm the applicability of the relief provisions above.
