Form 8877 - Request For Waiver Of Annual Income Recertification Requirement For The Low-Income Housing Credit Page 2
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Form 8877 (Rev. 1-2006)
Page
General Instructions
monitoring agency; (2) the name and telephone number of the agency
official familiar with the facts of the request whom the IRS may
Section references are to the Internal Revenue Code unless otherwise
contact; (3) the name, address, and building identification number(s)
noted.
of the building(s) or project; (4) the name, address, and taxpayer
identification number of the building owner; and (5) a statement
Purpose of Form
explaining why the waiver should be revoked. The request should be
sent to the address for filing Form 8877 and a copy of the request
Owners of certain low-income housing buildings use Form 8877 to
must be provided to the building owner. The compliance monitoring
request the annual income recertification waiver provided for in
agency and building owner will be notified by mail when the IRS
section 42(g)(8)(B). See Rev. Proc. 2004-38, 2004-27 I.R.B., for more
revokes the waiver.
information on obtaining the waiver. You can find Rev. Proc. 2004-38
A change in the ownership of the building for federal tax purposes
at
(including a change resulting from the termination of a partnership
Who May File
under section 708) will cause the waiver to be revoked automatically
as of the change in ownership. The new owner may apply for a waiver.
The owner of a 100% low-income building may request the waiver. A
In the case of such an automatic revocation, the building owner that
100% low-income building is a building entirely occupied by
received the waiver must notify the IRS of the revocation no later than
low-income tenants, who are individuals occupying a rent-restricted
60 days after the automatic revocation occurs. The notification should
unit in a qualified low-income housing project whose combined
be sent to the address for filing Form 8877 and include the following
income satisfies the section 42(g)(1) income limitation elected by the
information: (1) the name, address and building identification
owner.
number(s) of the building(s) or project; (2) the name, address and
taxpayer identification number of the building owner; (3) the date of
How To File
the automatic revocation; and (4) an explanation of the event that
Owners must complete and sign Part I, Certification, and have the
caused the automatic revocation. After receiving the notification of an
housing credit agency responsible for monitoring the building(s)
automatic revocation, the IRS will notify the compliance monitoring
(compliance monitoring agency) sign that part. The owner must also
agency.
complete, sign Part II, Consent of Disclosure to Monitoring Agency,
4. Consent of Disclosure. In applying for the waiver, the owner
and send the completed Form 8877 to the Internal Revenue Service
must consent to disclosure by the IRS to the compliance monitoring
(IRS). The IRS will not consider an owner’s request unless both Parts I
agency of any revocation of the waiver. This consent of disclosure is
and II of Form 8877 are properly completed.
effective beginning on the date the waiver takes effect and ending on
the date that the compliance period of the building(s) ends, unless the
Where To File
waiver is revoked, in which case the consent ends immediately
File Form 8877 with:
following the disclosure by the IRS of the revocation to the
compliance monitoring agency.
Internal Revenue Service
P.O. Box 331
Attn: LIHC Unit, DP 607 South
Privacy Act and Paperwork Reduction Act
Philadelphia Campus
Notice
Bensalem, PA 19020
We ask for the information on this form to carry out the Internal
Determination
Revenue laws of the United States. We need it to ensure you are
The IRS will notify the owner by mail that the request for waiver has
complying with these laws and to allow us to figure and collect the
been approved or denied. If the request is approved, the IRS will mail
right amount of tax. Sections 6001, 6011 and 6012(a) require you to
the owner a copy of the approved Form 8877. The waiver takes effect
provide the requested information for purposes of requesting the
on the date that the IRS approves the waiver.
waiver of the annual income recertification under section 42(g)(8)(B).
Section 6109 requires you to provide your social security number or
Note: Keep a copy of the approved Form 8877 for the building’s
other identifying number. Routine uses of this information include
records. It must remain a part of the building’s records regardless of
disclosing it to the Department of Justice for civil and criminal
any ownership transfer.
litigation and to other federal agencies, as provided by law. We may
Effects of Obtaining a Waiver
disclose the information to cities, states, the District of Columbia, and
U.S. Commonwealths or possessions to administer their tax laws. We
The following apply to a building on which a waiver is in effect.
may also disclose this information to other countries under a tax
1. Records. While a waiver is in effect, the owner is exempt from
treaty, or to federal and state agencies to enforce federal nontax
the recertification requirements of Regulations sections 1.42-5(b)(1)(iv)
criminal laws and to combat terrorism. If you do not file this
and (vii) and 1.42-5(c)(1)(iii) for each building to which the waiver
information, or provide incomplete or fraudulent information, you may
applies. Thus, the owner is not required to keep records that show an
not obtain the relief requested and may be subject to interest,
annual income recertification for all the low-income tenants in the
penalties, and/or criminal prosecution.
building who have previously had their annual income verified,
You are not required to provide the information requested on a form
documented, and certified; maintain documentation to support that
that is subject to the Paperwork Reduction Act unless the form
recertification; or certify to the compliance monitoring agency that it
displays a valid OMB control number. Books or records relating to a
has received this information. Having a waiver in effect, however, does
form or its instructions must be retained as long as their contents may
not relieve the owner of having to produce documentation in support
become material in the administration of any Internal Revenue law.
of the requirements of section 42, including keeping records and
Generally, tax returns and return information are confidential, as
documentation that show each tenant’s annual income upon the
required by section 6103.
tenant’s initial occupancy of any unit in the building and, except for
The time needed to complete and file this form will vary depending
the exempted recertification requirements, satisfying the compliance
on individual circumstances. The estimated burden for individual
monitoring procedure adopted by the compliance monitoring agency.
taxpayers filing this form is approved under OMB control number
2. Effective Period of Waiver. The waiver takes effect on the date
1545-0074 and is included in the estimates shown in the instructions
the IRS approves the waiver. It remains in effect until the end of the
for their individual income tax return. The estimated burden for all
15-year compliance period (defined in section 42(i)(1)), unless the
other taxpayers who file this form is shown below.
waiver is revoked, in which case it ceases to be in effect on the date
Recordkeeping
5 hr., 15 min.
of revocation.
Learning about the law or the form
1 hr., 17 min.
3. Revocation. The IRS may revoke the waiver if the building
ceases to be a 100% low-income building or if the IRS determines
Preparing, copying, assembling,
that the owner has violated section 42 in a manner that is sufficiently
and sending the form to the IRS
1 hr., 25 min.
serious to warrant revocation.
If you have comments concerning the accuracy of these time
The IRS will revoke the waiver if the compliance monitoring agency
estimates or suggestions for making this form simpler, we would be
requests its revocation. To request revocation of a waiver, the
happy to hear from you. You can write to the Internal Revenue
compliance monitoring agency must send a letter to the IRS
Service, Tax Products Coordinating Committee,
requesting that the waiver be revoked. The request must include the
SE:W:CAR:MP:T:T:SP, 1111 Constitution Ave. NW, IR-6406,
following information: (1) the name and address of the compliance
Washington, DC 20224. Do not send Form 8877 to this address.
Instead, see Where To File on this page.
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