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                            Annual Certification of a Residential Rental Project
Form   8703                                           (Complete a separate Form 8703 for each project.)                    OMB No. 1545-1038
(Rev. December 2021)                                         For calendar year 
Department of the Treasury  
Internal Revenue Service                            ▶ Go to www.irs.gov/Form8703 for the latest information.
Part I  General Information                                                                                       Check if Amended Return  ▶

Operator of project                                                                                         Taxpayer identification number of operator 

Street address, city or town, state or province, country, ZIP or foreign postal code

Owner of project                                                                                            Taxpayer identification number of owner

Street address, city or town, state or province, country, ZIP or foreign postal code

Address of building/project (Do not use P.O. box.)                                                          Report number (For IRS Use Only) 

1      Check the box for the test elected for the project: 

a           20-50 test                                         b     40-60 test                                   c        25-60 test (NYC only) 

d           20-60 test                                         e     40-70 test   
            (GO Zone, Midwestern disaster areas,                     (GO Zone, Midwestern disaster areas,  
            and Hurricane Ike disaster areas only)                   and Hurricane Ike disaster areas only) 
2      Date (MM/DD/YYYY) the qualified project period began .                       . . . . . . . . .   .   .   . . . ▶        /     / 

3a     Was a low-income housing credit allocation issued by a housing credit agency for this project?  .              ▶    Yes       ▶                 No 
b      If “Yes,” enter the building identification number (BIN) assigned to the building by the housing credit 
       agency (see instructions) . . .              . .    . . . . . .              . . . . . . . . .   .   .   . . . ▶

4      Check “Yes” if during the year reported on this form, there were no residential units in the project that were 
       occupied by a new resident whose income exceeds the applicable income limit. If otherwise, check “No.”  ▶           Yes       ▶                 No 
       If “Yes,” complete lines 5, 11, 12, and 13 in Part II, and skip lines 6 through 10.
Part II Annual Determinations 
5      Total number of residential rental units in project  .      . .              . . . . . . . . .   .   .   . .   5
6      Number of units actually occupied by individuals whose income does not exceed the applicable 
       income limit (see instructions)  .           . .    . . . . . .              . . . . . . . . .   .   .   . .   6
7      Number of units occupied by continuing residents whose income is treated as not exceeding 
       the applicable income limit (see instructions)  .         . . .              . . . . . . . . .   .   .   . .   7
8      Total number of low-income units in project (add lines 6 and 7)  .                 . . . . . .   .   .   . .   8
9      Divide  line  8  by  line  5  and  enter  the  percentage  (If  the  line  9  percentage  is  less  than  the 
       percentage for the test elected in Part I, item 1 (i.e., 20%, 40%, or 25%), see instructions.)  .          .   9                                % 
10     Deep-rent skewed project election (see instructions): 
a      Number of 40%-and-under low-income units  .               . . .              . . . . . . . . .   .   .   . .   10a 
b      Divide line 10a by line 8 and enter the percentage          . .              . . . . . . . . .   .   .   . .   10b                              % 
11     Number of low-income units vacated during the calendar year  .                     . . . . . .   .   .   . .   11
12     Number of low-income units vacated during the calendar year and occupied by new residents 
       who were low-income residents at the time of occupancy  .                      . . . . . . . .   .   .   . .   12
13     Number of low-income units that were vacated but were held available for low-income residents 
       as of the end of the calendar year  .          .    . . . . . .              . . . . . . . . .   .   .   . .   13
For Privacy Act and Paperwork Reduction Act Notice, see back of form.                           Cat. No. 64650C            Form 8703 (Rev. 12-2021)

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Form 8703 (Rev. 12-2021)                                                                                                              Page 2 
Part III Issuer and Description of Bonds (see instructions)

14   Name of issuer

15   Issuer’s EIN

16   Name of bond issue

17   Date of bond issue                / / 

18   CUSIP number

19   Issue price

20   Final maturity date               / / 

Part IV  Certification (see instructions) 
      Under penalties of perjury, I certify that the above project (check one) continues to meet   ▶ does not meet   ▶            the requirements of 
      subsection  142(d)  of  the  Internal  Revenue  Code  and  that  I  have  examined  this  form,  and  to  the  best  of  my  knowledge  and  belief,  the 
Sign  information▲ is true, correct, and complete.                                                 ▲
Here 
         Signature of Project Operator                                  Date                         Type or print name and title 
         Print/Type preparer’s name                Preparer’s signature        Date                                               PTIN
Paid                                                                                                 Check         if 
                                                                                                     self-employed
Preparer                    ▶                                                                        Firm’s EIN  ▶
         Firm’s name      
Use Only                    ▶                                                                        Phone no.
         Firm’s address  
                                                                                                                     Form 8703 (Rev. 12-2021)

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Form 8703 (Rev. 12-2021) Page 3
Future Developments (b) 40-60 test. 40% or more of the residential Line 7. Enter the number of residential rental
units must be occupied by individuals whose
The IRS has created a page on IRS.gov for units occupied by continuing residents whose
income is 60% or less of the AMGI. income exceeds the applicable income limit
information about Form 8703 and its
instructions, at www.irs.gov/form8703. (c) 25-60 test (NYC only). 25% or more of but whose income is treated as not exceeding
Information about any future developments the residential units must be occupied by the applicable income limit. Do not include
affecting Form 8703 (such as legislation individuals whose income is 60% or less of any units included on line 6. See sections
enacted after we release it) will be posted on the AMGI. 142(d)(3)(B) and 142(d)(4)(A). Generally, a
continuing resident's income may increase
that page. (d) 20-60 test (Gulf Opportunity (GO) Zone, but not exceed 140% of the applicable
Midwestern disaster areas, and Hurricane income limit (i.e., 50% or less or 60% or less
General Instructions Ike disaster areas only). 20% or more of the of the AMGI under the line 1a or 1b test).
residential units must be occupied by
Section references are to the Internal Revenue When the deep-rent skewed election is made
individuals whose income is 60% or less of and the requirements of section 142(d)(4)(B)
Code unless otherwise noted. the AMGI. are met, the income of a continuing resident
Purpose of form. Form 8703 is used by an (e) 40-70 test (GO Zone, Midwestern may increase up to 170% of the applicable
operator of a residential rental project to disaster areas, and Hurricane Ike disaster income limit.
provide annual information the IRS will use to areas only). 40% or more of the residential Line 9. If line 9 is less than the percentage for
determine whether a project continues to be a units must be occupied by individuals whose the test elected in item 1, Part I (i.e., 20%,
qualified residential rental project under income is 70% or less of the AMGI. 40%, or 25%), the project is considered in
section 142(d). If so, and certain other
requirements are met, bonds issued in See Rev. Rul. 94-57, 1994-2 C.B. 5, for post-issuance noncompliance. In this case,
connection with the project are considered guidance on computing the income limits check the box in Part IV to certify that the
“exempt facility bonds” and the interest paid applicable to these tests. See Pub. 4492, project “does not meet” the requirements of
on them is not taxable to the recipient. Information for Taxpayers Affected by section 142(d).
Hurricanes Katrina, Rita, and Wilma, for In general, unless the noncompliance is
Who must file. The operator of a residential details about the GO Zone. See Pub. 4492-B, corrected within a reasonable period, the
rental project for which an election was made Information for Affected Taxpayers in the noncompliance will cause the exempt facility
under section 142(d) must file Form 8703 Midwestern Disaster Areas, for details about bonds for the project to not be qualified
annually. A separate Form 8703 must be filed the Midwestern Disaster areas. bonds under section 141. When the bonds
for each project.
Line 2. The qualified project period is the are no longer qualified, the interest paid or to
When to file. File Form 8703 by March 31 period beginning on the first day that 10% of be paid on the bonds is taxable, and the
after the close of the calendar year for which the residential units are occupied and ending on issuers or brokers of the bonds must report
the certification is made. Form 8703 must be the latest of(a) the date that is 15 years after the taxable interest to bond holders as
filed annually during the qualified project the date that 50% of the residential units are required by section 6049. See Regulations
period. See the instructions for line 2 for the occupied, (b) the first day that no tax-exempt sections 1.103-8(b)(1)-(9) and sections 141,
definition of “qualified project period.” private activity bond issued for the project is 142, and 103 for additional information.
Where to file. File Form 8703 with the: outstanding, or(c) the date that any assistance Lines 10a and 10b. Complete these lines only
Internal Revenue Service provided for the project under section 8 of the if an election was made to treat the project as
Service Center United States Housing Act of 1937 terminates. a deep-rent skewed project under section
Ogden, UT 84201 Lines 3a and 3b. If a low-income housing 142(d)(4). The 15-40 test that applies to the
Penalty. Section 6652(j) provides for a penalty credit allocation was issued for more than one deep-rent skewed project election is not an
of $100 for each failure to comply with the building in the project, attach a schedule additional test for satisfying the requirements
section 142(d)(7) certification requirements listing the building identification number (BIN) of section 142(d)(1). The 15-40 deep-rent
unless it can be shown that failure to file is for each building. skewed project test relates to the
due to reasonable cause and not to willful Line 4. The determination of whether the determination of a low-income tenant’s
neglect. income of a resident of a unit in a project income. If this election is made, at least 15%
exceeds the applicable income limit shall be of all low-income units in the project must be
Specific Instructions made at least annually on the basis of the occupied by tenants whose income is 40% or
current income of the resident, except for less of the AMGI.
Part I—General Information respect to any project for any year if during On line 10a, enter the number of
Enter the name, address (including ZIP or such year no residential unit in the project is low-income units occupied by individuals
foreign postal code), and taxpayer occupied by a new resident whose income whose income is 40% or less of the AMGI.
identification number of both the operator and exceeds the applicable income limit. See Also include the number of units occupied by
the owner of the project. Enter the address of section 142(d)(3)(A). Check "Yes” if there are continuing residents whose income is treated
the project. Do not use P.O. boxes. no new residents in the project whose income as not exceeding the applicable income limit.
exceeds the applicable income limits. If the percentage on line 10b is less than
Amended return. An issuer may file an Therefore, if “Yes” is checked, complete Part 15%, the project is not a deep-rent skewed
amended return to change or add to the II, skipping lines 6 through 10. project, and a continuing resident’s income
information reported on a previously filed may not increase above 140% of the
return for the same date of issue. If you are Part II—Annual Determinations applicable income limit for purposes of
filing to correct errors or change a previously Line 5. Enter the total number of residential section 142(d).
filed return, check the “Amended Return” box rental units in the project. Line 11. Enter the number of low-income
in the heading of the form.
The amended return must provide all the Line 6. Enter the number of residential rental units vacated during the calendar year.
units occupied by individuals whose income Line 12. Enter the number of vacated
information reported on the original return, in is: low-income units that were occupied by new
addition to the new or corrected information.
Attach an explanation of the reason for the (a) 50% or less of the AMGI (if box 1a was residents who were low-income residents at
amended return. checked), the time of occupancy. The instructions for
lines 6 and 7 describe low-income residents.
Report number. This line is for IRS use only. (b) 60% or less of the AMGI (if box 1b, 1c,
Do not make an entry. or 1d was checked), or Line 13. Enter the number of vacant
low-income units that were held available for
Line 1. To be a qualified residential rental (c) 70% or less of the AMGI (if box 1e was low-income residents as of the end of the
project, one of the following tests must have checked). calendar year.
been elected for the project: Do not include any units included on line 7.
(a) 20-50 test. 20% or more of the residential
units must be occupied by individuals whose
income is 50% or less of the area median
gross income (AMGI).

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Form 8703 (Rev. 12-2021) Page 4

Note. Lines 11 through 13 ask questions Line 18. Enter the CUSIP (Committee on Privacy Act and Paperwork Reduction
about low-income units that were vacated Uniform Securities Identification Procedures) Act Notice
during the calendar year. Regulations sections number of the bond with the latest maturity. If
1.103-8(b)(5)(i) and (ii) provide, that low- the issue does not have a CUSIP number, We ask for the information on this form to
income units must be rented or available for write “None.” The CUSIP number should be carry out the Internal Revenue laws of the
rent on a continuous basis by low-income identical to the CUSIP number listed on Form United States. Code section 142(d)(7) requires
tenants during the longer of: (a) the remaining 8038, Part I, line 9, filed with respect to the that an annual certification be filed with the
term of the bond, or (b) the qualified project bond issue. IRS to determine whether the legal
requirements of that section are being met.
period. If lines 12 and 13 do not add up to line Line 19. Enter the issue price of the bond Routine uses of the information provided on
11, then make a determination as to whether issue listed on Form 8038, Part III, line 21(b), this form include giving it to the Department
the project is in compliance with the filed with respect to the bond issue. of Justice for civil and criminal litigation and to
requirements of section 142(d). If it is
determined that the project is not in Line 20. The final maturity date is the last other federal agencies, as provided by law.
compliance, check the box in Part IV to certify date the issuer must redeem the entire issue. We may disclose the information to cities,
that the project “does not meet” the Enter the date in an MM/DD/YYYY format. states, the District of Columbia, and U.S.
requirements of section 142(d). The final maturity date should be identical to commonwealths or possessions to administer
the final maturity date listed on Form 8038, their tax laws. We may also disclose the
Part III—Issuer and Description of Part III, line 21(a), filed with respect to the information to foreign governments pursuant
Bonds bond issue. to tax treaties or to federal and state agencies
to enforce federal nontax criminal laws and to
If the project for which you are filing Form Certification combat terrorism. If you do not provide this
8703 has been financed by more than one Section 142(d)(7) requires the operator of the form or all of the information requested on it,
tax-exempt bond issue, attach a separate project to submit this annual certification as to you may be subject to penalties.
statement containing the information required whether the project continues to meet the To ensure proper identification of the owner
in Part III, lines 14 through 20, for each bond requirements of section 142(d). This form and operator of the project, Code section
issue. must be signed by the operator of the project. 6109 and its regulations require an identifying
Line 14. The issuer’s name is the name of the number (social security number (SSN) or
entity issuing the bonds, not the name of the Paid Preparer employer identification number (EIN)) on the
entity receiving the benefits of the financing. If an authorized officer of the operator filled in annual certification.
The name of the issuer should be identical to this return, the paid preparer’s space should You are not required to provide the
the name listed on Form 8038, Part I, line 1, remain blank. Anyone who prepares the return information requested on a form that is
filed with respect to the bond issue. but does not charge the organization should subject to the Paperwork Reduction Act
Line 15. Enter the issue’s employer not sign the return. Certain others who unless the form displays a valid OMB control
identification number (EIN). The issuer’s EIN prepare the return should not sign the return. number. Books or records relating to a form
should be identical to the EIN listed on Form For example, a regular full-time employee of or its instructions must be retained as long as
8038, Part I, line 2, filed with respect to the the operator, such as a clerk, secretary, etc., their contents may become material in the
bond issue. should not sign. administration of any Internal Revenue law.
Line 16. Enter the name of the bond issue. If Generally, anyone who is paid to prepare a Generally, return information is confidential,
there is no name of the issue, please provide return must sign it and fill in the other blanks as required by Code section 6103.
other identification of the issue. The name of in the Paid Preparer Use Only area of the The time needed to complete and file this
the bond issue should be identical to the return. The paid preparer must: Sign the form will vary depending on individual
name listed on Form 8038, Part I, line 8, filed return in the space provided for the preparer's circumstances. The estimated average time is:
with respect to the bond issue. signature, enter the preparer information, and Recordkeeping . . . . 7 hr., 39 min.
Line 17. Enter the date of the bond issue. give a copy of the return to the operator.
Enter the date in an MM/DD/YYYY format. Learning about the law
The date of the bond issue is generally the or the form . . . . . . 1 hr., 51 min.
date on which the issuer exchanges the Preparing and sending the
bonds for the underwriter’s (or other form to the IRS . . . . 3 hr., 16 min.
purchaser’s) funds. The issue date should be If you have comments concerning the
identical to the issue date listed on Form accuracy of these time estimates or
8038, Part I, line 7, filed with respect to the suggestions for making this form simpler, we
bond issue. would be happy to hear from you. You can
send your comments to:
Internal Revenue Service
Tax Forms and Publications Division
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
Do not send the form to this address.
Instead, see Where to file, earlier.

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