rr-08-06.pdf

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Part I

Section 42.--Low-Income Housing Credit

26 CFR 1.42-16: Eligible basis reduced by federal grants.

Rev. Rul. 2008-6

Pursuant to § 1.42-16(b)(3) of the Income Tax Regulations, the Internal Revenue
Service has determined that certain rental assistance payments made to a building
owner on behalf or in respect of a tenant under the Indian Housing Block Grant Program
authorized by the Native American Housing Assistance and Self-Determination Act of
1996 (25 U.S.C. 4101 et seq.) are not grants made with respect to a building or its
operation under § 42(d)(5) of the Internal Revenue Code. These rental assistance
payments are provided under 24 C.F.R. 1000.103(b).
DRAFTING INFORMATION
The principal author of this revenue ruling is Christopher J. Wilson of the Office of
Assistant Chief Counsel (Passthroughs and Special Industries). For further information
regarding this revenue ruling contact Mr. Wilson on (202) 622-3040 (not a toll-free call).