IRS Publishes Resident Population Figures to Calculate 2019 Low Income Housing Tax Credit and Private Activity Bonds
On March 18, the Internal Revenue Service (IRS) released Notice 2019-19, which provides the population figures to use for calculating states’ 2019 calendar-year volume limits for the Low-Income Housing Tax Credit (Housing Credit) and Private Activity Bonds (PABs). IRS Revenue Procedure 2018-57 sets the 2019 Housing Credit ceiling for each state at the greater of the population multiplied by $2.75625 or $3,166,875, and the PAB cap at the greater of the population multiplied by $105 or $316,745,000.