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26 C.F.R. §§ 1.42-0 through 1.42-19 — Treasury Regulations under IRC § 42 (Low-Income Housing Credit)

§ 1.42-3 Treatment of buildings financed with proceeds from a loan under an Affordable…

26 C.F.R. §§ 1.42-0 through 1.42-19 — Treasury Regulations under IRC § 42 (Low-Income Housing Credit) · 2026 edition · updated 2026-07-29 · United States

(a) Treatment under sections 42(i) and 42(b). A below market loan funded in whole or in part with funds from an Affordable Housing Program established under section 721 of FIRREA is not, solely by reason of the Affordable Housing Program funds, a below market Federal loan as defined in section 42(i)(2)(D). Thus, any building with respect to which the proceeds of the loan are used during the tax year is not, solely by reason of the Affordable Housing Program funds, treated as a federally subsidized building for that tax year and subsequent tax years for purposes of determining the applicable percentage for the building under section 42(b).

(b) Effective date. The rules set forth in paragraph (a) of this section are effective for loans made after August 8, 1989.

[56 FR 48734, Sept. 26, 1991]

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▸ Contents — 26 C.F.R. §§ 1.42-0 through 1.42-19 — Treasury Regulations under IRC § 42 (Low-Income Housing Credit)
26 C.F.R. §§ 1.42-0 through 1.42-19 — Treasury Regulations under IRC § 42 (Low-Income Housing Credit)
  1. ▸ 26 C.F.R. §§ 1.42-0 through 1.42-19 — Treasury Regulations und…
    Overview
    1. § 1.42-0 Table of contents.
    2. § 1.42-1 Limitation on low-income housing credit allowed with …
    3. § 1.42-3 Treatment of buildings financed with proceeds from a …
    4. § 1.42-4 Application of not-for-profit rules of section 183 to…
    5. § 1.42-5 Monitoring compliance with low-income housing credit …
    6. § 1.42-6 Buildings qualifying for carryover allocations.
    7. § 1.42-8 Election of appropriate percentage month.
    8. § 1.42-9 For use by the general public.
    9. § 1.42-10 Utility allowances.
    10. § 1.42-11 Provision of services.
    11. § 1.42-12 Effective dates and transitional rules.
    12. § 1.42-13 Rules necessary and appropriate; housing credit agen…
    13. § 1.42-14 Allocation rules for post-2000 State housing credit …
    14. § 1.42-15 Available unit rule.
    15. § 1.42-16 Eligible basis reduced by federal grants.
    16. § 1.42-17 Qualified allocation plan.
    17. § 1.42-18 Qualified contracts.
    18. § 1.42-19 Average income test.
    19. § 1.42-1T Limitation on low-income housing credit allowed with…

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