Generally, the December 2005 revision of Form 8609 is to be used for allocations made in 2005 or later. In the case of carryover allocations, the December 2005 revision of Form 8609 is to be used for buildings placed in service in 2005 or later. In the case of buildings financed with tax-exempt bonds, the December 2005 revision of Form 8609 is to be used for bonds issued or buildings placed in service in 2005 or later. However, if for 2005 the housing credit agency used the November 2003 revision of Form 8609, the housing credit agency does not have to issue an amended Form 8609.

With the December 2005 revision, Form 8609 is no longer attached to the building owner’s tax return for each year of the 15-year compliance period. Instead, the building owner will make a one-time submission of the appropriate revision of Form 8609 to the Low-Income Housing Credit Unit at the IRS Philadelphia campus. This one-time submission must take place by the due date (including extensions) of the first tax return with which the building owner is filing Form 8609-A. This one-time submission must be made even if the building owner has filed Form 8609 with a prior tax return.

The procedures are explained in detail on the December 2005 revision of Form 8609. Follow the submission instructions set forth in the December 2005 revision that correspond with the revision date found on the Form 8609 that the housing credit agency sent to you. The December 2005 revision of Form 8609 (including instructions) can be found at www.irs.gov.

Although a housing credit agency may have used the November 2003 revision of Form 8609 for 2005, the building owner still must follow the submission procedures detailed in the instructions on the December 2005 revision.

For tax years beginning after 2004, Form 8609-A replaces Schedule A (Form 8609), Annual Statement. Please see Form 8609-A for detailed instructions on completing and filing the form.