SECTION 1. PURPOSE

This revenue procedure provides safe harbors under which the Internal Revenue Service will treat a residential unit in a building as a low-income unit under § 42(i)(3)(A) of the Internal Revenue Code if the incomes of the individuals occupying the unit are at or below the applicable income limitation under § 42(g)(1) or § 142(d)(4)(B)(i) before the beginning of the first taxable year of the building’s credit period under § 42(f)(1), but their incomes exceed the applicable income limitation at the beginning of the first taxable year of the building’s credit period.