On July 24, 2015, the United States Government Accountability Office (GAO) issued a report on the limited oversight of the Low-Income Housing Tax Credit (LIHTC) program by the IRS and recommends joint IRS - HUD oversight. It points out that the IRS already jointly administers a number of other tax credit programs with other federal agencies, including the Historic Rehabilitation Tax Credit and the New Markets Tax Credit programs. The report notes that the cost of providing better oversight has not been estimated and that HUD would need additional resources to carry out such oversight. It also discusses the shortcomings of the HUD LIHTC database. While HUD did not expressly comment on the recommendation, it noted that better interagency coordination could help ensure alignment with federal housing policy.
Click here for the summary: http://www.gao.gov/assets/680/671418.pdf.
Click here for the full report: http://www.gao.gov/assets/680/671419.pdf.