Form 8703 - Annual Certification Of A Residential Rental Project Page 2
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42
Form 8703 (Rev. 4-2011)
Page
Part III
Issuer and Description of Bonds (See Instructions)
14
Name of issuer
15
Issuer's EIN
16
Name of bond issue
17
/
/
Date of bond issue
18
CUSIP number
19
Issue price
20
/
/
Final maturity date
Part IV
Certification (See Instructions)
Under penalties of perjury, I certify that the above project (check one) continues to meet
does not meet
the requirements of
▶
▶
subsection 142(d) of the Internal Revenue Code and that I have examined this form, and to the best of my knowledge and belief, the
Sign
information is true, correct, and complete.
Here
Type or print name and title
Signature of Project Operator
Date
Print/Type preparer’s name
Preparer's signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Use Only
Firm's EIN
▶
▶
Phone no.
Firm's address
▶
What's New
filed annually during the qualified project
The amended return must provide all the
period. See the instructions for line 2 for the
information reported on the original return, in
Section 3010 of the Housing Assistance Tax Act
definition of “qualified project period.”
addition to the new or corrected information.
of 2008, Division C of Public Law 110-289, (The
Attach an explanation of the reason for the
Where to file. File Form 8703 with the:
Housing Act) enacted July 30, 2008, modified
amended return.
Internal Revenue Service Center
section 142(d)(3)(A). Questions 4, 11, 12, and 13
Report number. This line is for IRS use only.
Ogden, UT 84201
were added as a result of that change.
Do not make an entry.
Penalty. Section 6652(j) provides for a penalty
Section III was added to gather information
Line 1. To be a qualified residential rental
of $100 for each failure to comply with the
about the Issuer and the tax-exempt financing
section 142(d)(7) certification requirements
project, one of the following tests must have
that financed the project under section 142(d).
unless it can be shown that failure to file is due
been elected for the project:
This information should correspond with the
to reasonable cause and not to willful neglect.
information included on Form 8038,
(a) 20-50 test. 20% or more of the residential
Information Return for Tax-Exempt Private
Questions on Filing Form 8703. For specific
units must be occupied by individuals whose
Activity Bond Issues, filed by the Issuer with
questions on how to file Form 8703, send an
income is 50% or less of the area median
respect to the bond issue.
email to the IRS at:
gross income.
TaxExemptBondQuestions@irs.gov and put
(b) 40-60 test. 40% or more of the residential
General Instructions
"Form 8703 Question" in the subject line. In
units must be occupied by individuals whose
the email, include a description of your
Section references are to the Internal Revenue
income is 60% or less of the area median
question, a return email address, the name of
Code unless otherwise noted.
gross income.
a contact person, and a telephone number.
Purpose of form. Form 8703 is used by an
(c) 25-60 test (NYC only). 25% or more of the
Specific Instructions
operator of a residential rental project to
residential units must be occupied by
provide annual information the IRS will use to
individuals whose income is 60% or less of the
determine whether a project continues to be a
Part I—General Information
area median gross income.
qualified residential rental project under
(d) 20-60 test (Gulf Opportunity (GO) Zone,
Enter the name, address (including ZIP code),
section 142(d). If so, and certain other
Midwestern disaster areas, and Hurricane
and taxpayer identification number of both the
requirements are met, bonds issued in
Ike disaster areas only). 20% or more of the
operator and the owner of the project. Enter the
connection with the project are considered
residential units must be occupied by
address of the project. Do not use P.O. boxes.
“exempt facility bonds” and the interest paid
individuals whose income is 60% or less of the
Amended return. An issuer may file an
on them is not taxable to the recipient.
area median gross income.
amended return to change or add to the
Who must file. The operator of a residential
(e) 40-70 test (GO Zone, Midwestern disaster
information reported on a previously filed
rental project for which an election was made
areas, and Hurricane Ike disaster areas
return for the same date of issue. If you are
under section 142(d) must file Form 8703
only). 40% or more of the residential units must
filing to correct errors or change a previously
annually. A separate Form 8703 must be filed
be occupied by individuals whose income is
filed return, check the "Amended Return" box
for each project.
70% or less of the area median gross income.
in the heading of the form.
When to file. File Form 8703 by March 31
after the close of the calendar year for which
the certification is made. Form 8703 must be
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