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.
In this Section IV, “original deadline” means the deadline without regard to any extension under Notice 2020-23, Notice 2020-53, or Notice 2021-12 (as clarified by Notice 2021-17).
C. 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 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 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 was in 2021), then the new
placed-in-service deadline is the close of calendar year 2023 (that is,
December 31, 2023).
