Treasury Regulations · 26 CFR
§ 1.42-3. Treatment of buildings financed with proceeds from a loan under an Affordable Housing Program established pursuant to section 721 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).
Regulation under 26 U.S.C. § 42
Cite as 26 CFR § 1.42-3
At a glance
Read from the text and its source citation. Not part of the regulation.
- Status
- In the current eCFR
- Issued
- September 26, 1991 by 56 FR 48734
- Issued under
- 26 U.S.C. § 42
- Length
- 137 words · about 1 min to read
- Cross-references
- cites 1 Code section and 0 regulations; cited by 1
¶(a) Treatment under sections 42(i) and 42(b). A below market loan funded in whole or in part with funds from an Affordable Housing Program established under section 721 of FIRREA is not, solely by reason of the Affordable Housing Program funds, a below market Federal loan as defined in section 42(i)(2)(D). Thus, any building with respect to which the proceeds of the loan are used during the tax year is not, solely by reason of the Affordable Housing Program funds, treated as a federally subsidized building for that tax year and subsequent tax years for purposes of determining the applicable percentage for the building under section 42(b).
¶(b) Effective date. The rules set forth in paragraph (a) of this section are effective for loans made after August 8, 1989.
[56 FR 48734, Sept. 26, 1991]
Cross-references
Computed from the citations in the text of 26 CFR.
Code sections it cites
Cited by 1 other regulation
Amendment history
From the source citation at the end of the section, newest first. T.D. is a Treasury decision; FR is the Federal Register.
- Issued (56 FR 48734)
Where it sits in 26 CFR
- Subchapter A Income tax
- Part 1 Income taxes
- General Business Credits
Nearby sections
- § 1.42-0 Table of contents.
- § 1.42-0T Table of contents.
- § 1.42-1 Limitation on low-income housing credit allowed with respect to qualified low-income buildings receiving housing credit allocations from a State or local housing credit agency.
- § 1.42-1T Limitation on low-income housing credit allowed with respect to qualified low-income buildings receiving housing credit allocations from a State or local housing credit agency (temporary).
- § 1.42-3 Treatment of buildings financed with proceeds from a loan under an Affordable Housing Program established pursuant to section 721 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
- § 1.42-4 Application of not-for-profit rules of section 183 to low-income housing credit activities.
- § 1.42-5 Monitoring compliance with low-income housing credit requirements.
- § 1.42-6 Buildings qualifying for carryover allocations.
- § 1.42-8 Election of appropriate percentage month.