The Nebraska Investment Finance Authority “NIFA” remains committed to serving our partners, stakeholders, and residents during the ongoing COVID-19 Pandemic (the “Pandemic”). NIFA continues to closely monitor and evaluate guidance provided by state and federal agencies, including the Internal Revenue Service.
Due to the potential disruptions to LIHTC development and construction activities as a result of the Pandemic, the IRS has confirmed the use of previously released guidance for developments located in major disaster areas and has provided additional relief for certain LIHTC deadlines for developments impacted by the Pandemic. This IRS guidance allows for an extension to meet the 10% Test for developments located in a Major Disaster areas at the discretion of NIFA (the entire state of Nebraska was declared a Major Disaster on April 4, 2020).
The 10% Test deadline, for developments that received a 2019 LIHTC Carryover Agreement, as required under IRC Section 42 (h)(1)(E)(ii) was previously was extended to December 28, 2020. NIFA recognizes the challenges related to meeting the deadline and has extended the 10% Test Deadline to April 30, 2021.
Please contact Sara Tichota with any questions: