INCOME TAX

REG–150349–12, page 440. These final and temporary regulations revise and clarify certain rules relating to the requirements to conduct physical inspections and review low-income certifications and other documentation under §§ 1.42–5(a)(2), 1.42–5(c)(2), and (3), and 1.42–5(h) of the Income Tax Regulations, with respect to the compliancemonitoring duties of a State or local housing credit agency (Agency) under § 42 of the Internal Revenue Code. The text of the temporary regulations also serves as the text of these proposed regulations.

Rev. Rul. 2016–8, page 426. Modification of Rev. Rul. 2005–3 to remove Cuba from the section 901(j) list effective December 21, 2015.

Rev. Proc. 2016–15, page 435. This revenue procedure sets forth, for purposes of § 1.42–5T(c)(2)(iii)(B) of the Income Tax Regulations, the minimum number of low-income units in a low-income housing project for which a State or local housing credit agency (Agency) must conduct physical inspections and low-income certification reviews. This revenue procedure also permits the physical inspection protocol established by the Department of Housing and Urban Development (HUD) Real Estate Assessment Center (the REAC protocol) to satisfy the physical inspection requirements of § 1.42–5(d) and § 1.42–5T(c)(2)(ii) and (iii).

Finding Lists begin on page ii.