Free 2008 Form 8610 - Federal

Form

8610

Department of the Treasury Internal Revenue Service

Annual Low-Income Housing Credit Agencies Report
Under section 42(l)(3) of the Internal Revenue Code

OMB No. 1545-0990

2008
Employer identification number of agency

Name of housing credit agency

Address of housing credit agency

Check box if amended report
FOR IRS USE ONLY

Part I

Reconciliation of Attached Forms and Schedules
1

1 Enter the number of attached Forms 8609 used to allocate credit in 2008 2a Enter the number of attached Forms 8609 for credits (1) allocated prior to 2008 and (2) attributable under section 42(h)(4) to projects financed by tax-exempt bonds b Enter the total dollars allowed to those projects described in 2a(2) above 3 Enter the number of attached Schedules A (Form 8610) reporting 2008 carryover allocations 4 Total number of attached forms and schedules. Add lines 1, 2a, and 3

2a

3 4

Part II

Reconciliation of Credit Ceilings and Allocations (see instructions)

5a Additional housing credit dollar amounts: Alabama, Louisiana, and Mississippi only: Enter the smaller of $18.00 multiplied by the portion of the state's population in the GO Zone or the amount allocated by the housing credit agency to buildings in the GO Zone in 2008. Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin only: Enter the smaller of $8.00 multiplied by the portion of the state's population in the Midwestern disaster areas or the amount allocated by the housing credit agency to buildings in the Midwestern disaster areas in 2008. Texas only: Enter the smaller of $16.00 multiplied by the portion of the state's population in the counties of Brazoria, Chambers, Galveston, Jefferson, and Orange or the amount allocated by the housing credit agency to buildings in the Hurricane Ike disaster areas in 2008. Louisiana only: Enter the smaller of $16.00 multiplied by the portion of the state's population in the parishes of Calcasieu and Cameron or the amount allocated by the housing credit agency to buildings in the Hurricane Ike disaster areas in 2008 Enter the larger of $2.20 multiplied by the state's population or $2,555,000 Enter the amount of credit ceiling returned in 2008 from allocations prior to 2008 Enter the amount (if any) allocated to the state from the 2008 National Pool Add lines 5b, 5c, and 5d Enter the unused state housing credit ceiling (if any) from the 2007 Form 8610, line 9 Total state housing credit ceiling for 2008. Add lines 5a, 5e, and 5f Enter the total amount included in line 5g allocated during 2008 to qualified nonprofit organizations under section 42(h)(5) $ 6a Enter the total dollar amount of credits from Forms 8609 used to allocate credit in 2008 6a 6b b Enter the total dollar amount of credits from Schedules A (Form 8610), line 5 c Total credits allocated during 2008. Add lines 6a and 6b (cannot exceed line 5g) d Subtract line 5a from line 6c 7 Enter the smaller of line 5f or line 6d 8 Subtract line 7 from line 6d 9 State's unused housing credit ceiling carryover to 2009. Subtract line 8 from line 5e. If zero or less, enter -010 Unused 2007 carryover assigned to 2009 National Pool. Subtract line 7 from line 5f b c d e f g h

5a 5b 5c 5d 5e 5f 5g

6c 6d 7 8 9 10

Part III
11

Compliance With Low-Income Housing Requirements (see instructions)

Does the state's qualified allocation plan in effect for 2008 include compliance monitoring procedures as required in section 42(m)(1)(B)(iii) and Regulations section 1.42-5(a)(2), including monitoring for habitability standards through regular site visits? (If "No," attach an explanation.)

Yes Yes

No No

12

Has the housing credit agency, for 2008 (or its most recent 12-month operating period), complied with all applicable requirements under the compliance monitoring procedures in its qualified allocation plan? (If "No," attach an explanation.) 13 Has the housing credit agency, for 2008 (or its most recent 12-month operating period), complied with the requirements of its monitoring procedures to fulfill its notification of noncompliance responsibilities under Regulations section 1.42-5(e)? (If "No," attach an explanation.) 14a 14a Number of projects subject to monitoring for which all buildings were placed in service before 2006 14b b Number of projects on line 14a that have had on-site inspections of all buildings in the last 3 calendar years c Number of projects on line 14a for which at least 20% of the low-income units have been inspected and reviewed in the last 3 calendar years as required by Regulations section 1.42-5(c)(2)(ii)(B) 14c
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 63982F

Yes

No

Form

8610

(2008)

Form 8610 (2008)

Page

2

Part III

Compliance With Low-Income Housing Requirements (see instructions) (continued)

15a 15a Number of projects for which the last building was placed in service in 2006 15b b Number of projects on line 15a for which all buildings have had on-site inspections c Number of projects on line 15a for which at least 20% of the low-income units have been inspected 15c and reviewed as required by Regulations section 1.42-5(c)(2)(ii)(A) 16a 16a Number of projects for which the last building was placed in service in 2007 16b b Number of projects on line 16a for which all buildings have had on-site inspections c Number of projects on line 16a for which at least 20% of the low-income units have been inspected and reviewed as required by Regulations section 1.42-5(c)(2)(ii)(A) 16c
Under penalties of perjury, I declare that I have examined this report and accompanying forms, schedules, binding agreements, and election statements, and other attachments, and to the best of my knowledge and belief, they are true, correct, and complete.

Signature of Authorizing Official

Print Name and Title

Date

General Instructions
Section references are to the Internal Revenue Code unless otherwise noted.

What's New
The population component of the state housing credit ceiling for 2008 is the greater of $2.20 times the state's population or $2,555,000. In addition, certain states are able to increase their housing credit ceiling. The guidelines for these increases are explained in Credit ceiling increases, under Purpose of Form, below.

For 2008, 2009, and 2010, the housing credit ceiling for the states of Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin is increased by the lesser of $8.00 multiplied by the state's population in the Midwestern disaster areas or the housing credit dollar amount allocated to buildings located in the state's Midwestern disaster areas. See Line 5a, later. For 2008, 2009, and 2010, the housing credit ceiling for Texas is increased by the lesser of $16.00 multiplied by the population in the counties of Brazoria, Chambers, Galveston, Jefferson, and Orange, or the housing credit dollar amount allocated to buildings located in these counties. See Line 5a, later. For 2008, 2009, and 2010, the housing credit ceiling for Louisiana is increased by the lesser of $16.00 multiplied by the population in the parishes of Calcasieu and Cameron, or the housing credit dollar amount allocated to buildings located in these parishes. See Line 5a, later. See section 1400N(c) and sections 702 and 704 of Division C of Public Law 110-343 for more information.

Purpose of Form
Housing credit agencies use Form 8610 to transmit Forms 8609, Low-Income Housing Credit Allocation and Certification, and Schedules A (Form 8610) to the IRS. Form 8610 is also used to report the dollar amount of housing credits allocated during the calendar year. The housing credit agency must not allocate more credits than it is authorized to allocate during the calendar year. Generally, the state housing credit ceiling for any state is the sum of: 1. The larger of $2,555,000 or $2.20 multiplied by the state's population, 2. The amount of state housing credit ceiling returned in 2008 from allocations made prior to 2008, 3. The amount, if any, allocated to the state from the National Pool, plus 4. The unused state housing credit ceiling, if any, for 2007. See Regulations section 1.42-14 for more information. Credit ceiling increases. In the following situations, the housing credit ceiling for certain states will increase. For 2008, the housing credit ceiling for the states of Alabama, Louisiana, and Mississippi is increased by the lesser of $18.00 multiplied by the state's population in the Gulf Opportunity (GO) Zone or the housing credit dollar amount allocated to buildings located in the state's GO Zone. See Line 5a, later.

Major disaster declarations issued after July 1, 2007. If a housing credit agency has granted any project relief for carryover allocations discussed in section 5 of Rev. Proc. 2007-54, 2007-31 I.R.B. 293, the agency must attach to Form 8610 a copy of the Schedule A (Form 8610) for the projects for which it has approved relief. These attached copies of Schedule A (Form 8610) must have the box checked that indicates the housing credit agency granted carryover allocation relief under Rev. Proc. 2007-54. The housing credit agency should only include Schedules A (Form 8610) for projects receiving approval of the carryover allocation relief since the agency last filed Form 8610. The information from these particular Schedules A (Form 8610) are not included on any line in Part I or Part II of Form 8610.

When To File
File the 2008 Form 8610 with accompanying Forms 8609 (with only Part I completed) and Schedules A (Form 8610) by March 2, 2009.

Where To File
File Form 8610 and attached forms and schedules with: Internal Revenue Service P.O. Box 331 Attn: LIHC Unit, DP 607 South Philadelphia Campus Bensalem, PA 19020

Who Must File
Any housing credit agency authorized to make an allocation of the credit (even if no credit is actually allocated) on a Form 8609 or carryover allocation reported on a Schedule A (Form 8610) to an owner of a qualified low-income building during the calendar year must complete and file Form 8610. In states with multiple housing credit agencies (including states with constitutional home rule cities), the agencies must coordinate and file one Form 8610. Major disaster declarations issued before July 2, 2007. If a housing credit agency has granted any project relief for carryover allocations discussed in section 5 of Rev. Proc. 95-28, 1995-1 C.B. 704, the agency must attach to Form 8610 a list of the projects for which it has approved relief. The housing credit agency should list only those projects that had received its approval of the carryover allocation relief since the agency last filed Form 8610.

Penalty
The $100 penalty under section 6652(j) applies to any failure to file Form 8610 when due.

Specific Instructions
Note. The primary housing credit agency may rely on information provided by any constitutional home rule city or local housing credit agency under Regulations section 1.42-1T(c)(3) or (4). To ensure that Form 8610 is correctly processed, attach all forms and schedules to Form 8610 in the following order.

Form 8610 (2008)

Page

3

1. Forms 8609. 2. Schedules A (Form 8610), not including those for projects approved for carryover allocation relief under Rev. Proc. 2007-54. 3. Listing of projects approved for carryover allocation relief under Rev. Proc. 95-28. 4. Schedules A (Form 8610) for projects approved for carryover allocation relief under Rev. Proc. 2007-54.

When making the calculation described in (2) above, use the following figures for the state's population in its GO Zone. Alabama--869,544 Louisiana--3,153,293 Mississippi--1,968,283 See Notice 2006-21, 2006-12 I.R.B. 643, for more information, including a list of counties and parishes in the GO Zone and how the state's population in the GO Zone was determined. Arkansas, Illinois, Indiana, Iowa, Missouri, Nebraska, and Wisconsin. The additional amount is the lesser of the following. 1. The total housing credit dollar amount allocated by the state housing credit agency to buildings located in the state's Midwestern disaster areas for the calendar year, or 2. $8.00 multiplied by the state's population in the Midwestern disaster areas. When making the calculation described in (2) above, use the following figures for the state's population in its Midwestern disaster areas. Arkansas--957,100 Illinois--1,515,271 Indiana--3,098,222 Iowa--2,615,995 Missouri--1,414,492 Nebraska--1,136,088 Wisconsin--3,830,112 See Notice 2008-109, 2008-50 I.R.B. 1282, for more information, including a list of the counties in the Midwestern disaster areas and how the state's population in the Midwestern disaster areas was determined. Texas. The additional amount is the lesser of the following. 1. The total housing credit dollar amount allocated by the housing credit agency to buildings located in the state's Hurricane Ike disaster area for the calendar year, or 2. $16.00 multiplied by 931,635. The figure of 931,635 represents Texas' population in its Hurricane Ike disaster area. See Notice 2008-109, 2008-50 I.R.B. 1282, for more information, including how Texas' population in the Hurricane Ike disaster area was determined. Louisiana. The additional amount is the lesser of the following. 1. The total housing credit dollar amount allocated by the housing credit agency to buildings located in the state's Hurricane Ike disaster area for the calendar year, or 2. $16.00 multiplied by 191,926. The figure of 191,926 represents Louisiana's population in its Hurricane Ike disaster area.

See Notice 2008-109, 2008-50 I.R.B. 1282, for more information, including how Louisiana's population in the Hurricane Ike disaster area was determined.

Line 5b
A state's population is determined according to section 146(j). See Notice 2008-22, 2008-8 I.R.B. 465, for applicable population figures.

Line 5c
Do not include on this line allocations made and returned in the same year.

Amended Report
If this is an amended Form 8610, check the "amended report" box. Use the same version of the form that was originally filed (for example, a 2008 Form 8610 to amend the 2008 report, a 2007 Form 8610 to amend the 2007 report, etc.). Complete only those lines that are being amended by entering the correct information. Attach any additional documentation necessary to explain why an amended Form 8610 is being filed.

Line 5d
Enter the "Amount Allocated," if any, for your state in Rev. Proc. 2008-57, 2008-41 I.R.B. 855.

Line 5g
This is the state housing credit ceiling available for allocations during 2008.

Line 5h
Not more than 90% of the line 5g amount is allowed to be allocated to projects other than qualified low-income housing projects described in section 42(h)(5)(B).

Part I
Line 1
Enter the total number of Forms 8609 attached to this Form 8610 that were used to allocate credit during 2008. Do not include Forms 8609 issued to taxpayers that reflect credit allocations made prior to 2008 on section 42(h)(1)(E) or 42(h)(1)(F) carryover allocation documents.

Lines 6a and 6b
Enter on the applicable line the dollar amount actually allocated during 2008. Do not include the following. Credits allowed to tax-exempt bond financed projects under section 42(h)(4). These credits do not count against the total state housing ceiling authorized on line 5g. Amounts allocated and returned during the year, unless such amounts are reallocated by the close of the year. On line 6a, enter the total amounts reported on all Forms 8609, Part I, line 1b, that are included on line 1 of this Form 8610. On line 6b, enter the total amounts reported as carryover allocations that are included on line 3 of this Form 8610.

Line 2a
Enter the total number of Forms 8609 attached to this Form 8610 for: Credit allocations made prior to 2008 on section 42(h)(1)(E) or 42(h)(1)(F) carryover allocation documents and Credits attributable to projects financed by tax-exempt bonds subject to volume cap under section 42(h)(4).

Part II
Line 5a
For 2008, an additional housing credit amount is available ONLY to the states listed on this line. Follow the instructions to determine the additional housing credit amount available for the listed states. Note. Louisiana appears twice on this list, and its additional housing credit amount is the total of the two separate calculations. Alabama, Louisiana, and Mississippi. The additional amount is the lesser of the following. 1. The total housing credit dollar amount allocated by the state housing credit agency to buildings located in the state's GO Zone for the calendar year, or 2. $18.00 multiplied by the state's population in the GO Zone.

Part III
Lines 14a, 15a, and 16a
Do not include buildings no longer subject to compliance monitoring because, for example, the buildings are no longer participating in the low-income housing credit program.

Line 14a
For buildings whose compliance periods ended during the last 3 calendar years, complete lines 14b and 14c with respect to the 3-year period ending on the date the compliance period ended. Include buildings financed by the Rural Housing Service and buildings financed with tax-exempt bonds.

Form 8610 (2008)

Page

4

Lines 14b and 14c
Take into account all the projects included on line 14a. See Regulations section 1.42-5(c)(2)(ii)(B) for details. Include buildings inspected by the Rural Housing Service under Regulations section 1.42-5(d)(3). Caution: Regulations section 1.42-5(c)(2)(ii)(B) requires that at least once every 3 years the Agency (or the Rural Housing Service, if applicable) conduct on-site inspections of all buildings in each project and, for at least 20 percent of each project's low-income units, inspect the units and review the low-income certifications, the documentation supporting the certifications, and the rent records for the tenants in those units. If the number entered on line 14b or line 14c does not equal the number entered on line 14a, attach an explanation.

Caution: Regulations section 1.42-5(c)(2)(ii)(A) requires that, by the end of the 2nd calendar year following the year the last building in the project is placed in service, the Agency (or the Rural Housing Service, if applicable) conduct on-site inspections of all buildings in each project and, for at least 20 percent of each project's low-income units, inspect the units and review the low-income certifications, the documentation supporting the certifications, and the rent records for the tenants in those units. If the number entered on line 15b or line 15c does not equal the number entered on line 15a, attach an explanation.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103. The time needed to complete and file the following forms will vary depending on individual circumstances. The estimated average times are:
Form 8610 Recordkeeping Learning about the law or the form Preparing and sending the form to the IRS 9 hr., 34 min.

Line 16a
Only include projects for which the last building was placed in service in 2007. Include buildings financed by the Rural Housing Service and buildings financed with tax-exempt bonds.

Sch. A (Form 8610)

3 hr., 35 min.

1 hr., 59 min.

24 min.

Line 15a
Only include projects for which the last building was placed in service in 2006. Include buildings financed by the Rural Housing Service and buildings financed with tax-exempt bonds.

2 hr., 13 min.

28 min.

Lines 16b and 16c
Take into account all the projects included on line 16a. See Regulations section 1.42-5(c)(2)(ii)(A) for details. Include buildings inspected by the Rural Housing Service under Regulations section 1.42-5(d)(3).

Lines 15b and 15c
Take into account all the projects included on line 15a. See Regulations section 1.42-5(c)(2)(ii)(A) for details. Include buildings inspected by the Rural Housing Service under Regulations section 1.42-5(d)(3).

Paperwork Reduction Act Notice
We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.

If you have comments concerning the accuracy of these time estimates or suggestions for making these forms simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating Committee, SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send these forms to this address. Instead, see Where To File on page 2.