Please be advised that the Internal Revenue Service announced yesterday the release of a revised version of Form 8703, Annual Certification of a Residential Rental Project (“IRS Form 8703”).
Form 8703 must be filed annually by the Operator of a residential rental project for which an election was made under section 142(d) of the Internal Revenue Code of 1986, as amended, for the duration of the qualified project period.
We call to your attention the major changes to IRS Form 8703, as follows:
Part I, General Information
Line 4 provides a box to be checked if no residential units were occupied by a new non-low‑income resident during the calendar year.
Part II, Annual Determinations
Lines 11-13 require the Operator to provide (i) the total number of low-income units vacated during the calendar year, (ii) the number of such units occupied by new residents who were low-income residents at the time of occupancy and (iii) the number of such units held available for low-income residents as of the end of the calendar year.
Part III, Issuer and Description of Bonds
Lines 14-20 require the Operator to provide (i) the name of the issuer, (ii) the EIN of the issuer, (iii) the name of the issue, (iv) the date of the issue, (v) the CUSIP number of the issue, (vi) the issue price and (vii) the final maturity date, with respect to the bonds financing the project.
Attached is a copy of IRS Form 8703. Please contact a member of the Tax Department if you have any questions about the new form.