October 21, 2022
Developer Bulletin 2022-13:
Extension of Certain Temporary Relief for
Tax Credit Projects
NJHMFA encourages all of our business partners and constituents to submit any and all documentation in an electronic format whenever possible as staff will continue to check email and review information submitted electronically.  

Attention Developers

As a result of the Presidential declaration of a major disaster for the State of New Jersey (FEMA-4488-DR, COVID-19 pandemic), NJHMFA (“Agency”) is permitted to grant temporary relief from certain requirements of §42 of the Internal Revenue Code to affected owners.

As outlined in Notice 2022-52, the Agency is granting the following extension of certain temporary relief, excerpted from the Notice below.

In this Section IV, “original deadline” means the deadline without regard to any extension under Notice 2020-23, Notice 2020-53, Notice 2021-12 (as clarified by Notice 2021-17), or Notice 2022-05.
Placed-In-Service Deadline
 
  • For purposes of § 42(h)(1)(E)(i), if the original deadline for a low-income building to be placed in service is the close of calendar year 2020, the new deadline is the close of calendar year 2022 (that is, December 31, 2022).

  • If the original placed-in-service deadline is the close of calendar year 2021 and the original deadline for the 10-percent test in § 42(h)(1)(E)(ii) was before April 1,2020, the new placed-in-service deadline is the close of calendar year 2023 (that is, December 31, 2023).

  • If the original placed-in-service deadline is the close of calendar year 2021 and the original deadline for the 10-percent test in § 42(h)(1)(E)(ii) was on or after April 1, 2020, and on or before December 31, 2020, then the new placed-in-service deadline is the close of calendar year 2023 (that is, December 31, 2023).

  • If the original placed-in-service deadline is the close of calendar year 2022 (and thus the original deadline for the 10-percent test in § 42(h)(1)(E)(ii) was in 2021), then the new placed-in-service deadline is the close of calendar year 2024 (that is, December 31, 2024).

  • If the original placed-in-service deadline is the close of calendar year 2023 (and thus the original deadline for the 10-percent test in § 42(h)(1)(E)(ii) was in 2022), then the new placed-in-service deadline is the close of calendar year 2024 (that is, December 31, 2024).
The relief granted in this bulletin is subject to any superseding guidance issued by the Department of the Treasury or the Internal Revenue Service.
Questions? Need Help? 

If you have questions, please email your requests to the LIHTC mailbox at NJHMFAtaxcredits@njhmfa.gov.

Access forms, checklists, policies, previous developer bulletins and more under the Developer Tab, on the NJHMFA website.
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New Jersey Housing and Mortgage Finance Agency | 609-278-7400 | NJHousing.gov