Today, the IRS released the 2013-2014 Priority Guidance Plan, updated for the third quarter.  A number of issues associated with Section 42 low income housing tax credits remain on the list, including the exception under Section 42(d)(6) to the 10 year hold requirement for existing buildings for federally or State assisted buildings.  Also included are (A) final regulations concerning utility allowances for sub-metered buildings under Section 42(g)(2)(B)(ii), (B) an update to Revenue Procedure 2007-54, concerning relief under Section 42 in presidentially declared disaster areas, and (C) regulations relating to compliance monitoring, including the issues identified in Notice 2012-18 (addressing the pilot program allowing certain state housing finance agencies to satisfy their property-inspection responsibilities by using the inspection protocol of HUD’s Real Estate Assessment Center).  The current Priority Guidance Plan can be found here.