Introduction›Part III . Administrative, Procedural, and Miscellaneous
SECTION 5. EFFECTIVE DATES
Internal Revenue Bulletin 1996-29 · 2026-10-03 edition · updated 2026-10-04 · United States
.01 Issuers must use the United States and area median gross income figures specified in section 3 of this revenue procedure for commitments to provide financing that are made, or (if the purchase precedes the financing commitment) for residences that are purchased, in the period that begins on December 14, 1995, the date HUD released the income figures, and ends on the date when these United States and area median gross income figures are rendered obsolete by a new revenue procedure.
.02 Notwithstanding section 5.01 of this revenue procedure, issuers may continue to rely on the United States and area median gross income figures specified in Rev. Proc. 95–32 with respect to
bonds originally sold and nonissued bond amounts elected not later than August 14, if the commitments or purchases described in section 5.01 are made not later than October 14, 1996.
DRAFTING INFORMATION
The principal author of this revenue procedure is Patricia M. Monahan of the Office of Assistant Chief Counsel
17
(Financial Institutions and Products). For further information regarding this revenue procedure contact Ms. Monahan on (202) 622–3219 (not a toll-free call).
Get a plain-English answer with a citation back to this text.
Ask AI about this code