On Friday, December 8, 2023, the Internal Revenue Service issued
Revenue Procedure 2024-8, which contains a new
list of qualified census tracts for single family Mortgage Revenue
Bonds/Mortgage Credit Certificates in every state, the District of
Columbia and Puerto Rico. These new qualified census tracts are
based on information from the 2020 decennial census. This new list
supersedes the old list in Rev. Proc. 2014-14, issued in 2014.
This new Rev. Proc. list replaces the old list as of January 8,
2024 (the effective date). Based on applicable Temporary Income Tax
Regulations: (1) for MRBs or MCCs issued after March 8, 2024, only
the new census tracts can be used, and (2) for MRBs or MCCs issued
before March 8, 2024, including outstanding MRBs or MCCs, an issuer
can use the old census tracts (from Rev. Proc. 2014-14) or the new
Rev. Proc. 2024-8.
