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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. September 2013)                                    For calendar year 
Department of the Treasury                                                                           
Internal Revenue Service    ▶ Information about Form 8703 and its instructions is at www.irs.gov/form8703.
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 
                                                                                                                                    Yes       
       occupied by a new resident whose income exceeds the applicable income limit. If otherwise, check “No.”  ▶                              ▶                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. 9-2013)

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Form 8703 (Rev. 9-2013)                                                                                                               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
Paid                                                                                                 Check         if             PTIN
                                                                                                     self-employed
Preparer                    ▶                                                                        Firm's EIN  ▶
         Firm’s name      
Use Only                    ▶                                                                        Phone no.
         Firm's address  
                                                                                                                       Form 8703 (Rev. 9-2013)

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Form 8703 (Rev. 9-2013) Page 3

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

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Form 8703 (Rev. 9-2013) Page 4

Line 11. Enter the number of low-income Line 18. Enter the CUSIP (Committee on Privacy Act and Paperwork Reduction
units vacated during the calendar year. Uniform Securities Identification Procedures) Act Notice
Line 12. Enter the number of vacated number of the bond with the latest maturity. If
low-income units that were occupied by new the issue does not have a CUSIP number, We ask for the information on this form to carry
residents who were low-income residents at write "None." The CUSIP number should be out the Internal Revenue laws of the United
the time of occupancy. The instructions for identical to the CUSIP number listed on Form States. Code section 142(d)(7) requires that an
lines 6 and 7 describe low-income residents. 8038, Part I, line 9, filed with respect to the annual certification be filed with the IRS to
bond issue. determine whether the legal requirements of that
Line 13. Enter the number of vacant section are being met. Routine uses of the
low-income units that were held available for Line 19. Enter the issue price of the bond information provided on this form include giving
low-income residents as of the end of the issue. The issue price of bonds is generally it to the Department of Justice for civil and
calendar year. determined under Regulations section criminal litigation and to other federal agencies,
1.148-1(b). Thus, when issued for cash, the as provided by law. We may disclose the
Note. Lines 11 through 13 ask questions issue price is the first price at which a information to cities, states, the District of
about low-income units that were vacated substantial amount of the bonds are sold to Columbia, and U.S. commonwealths or
during the calendar year. Regulations sections the public. To determine the issue price of an possessions to administer their tax laws. We
1.103-8(b)(5)(i) and (ii) provide, that low- obligation issued for property, see sections may also disclose the information to foreign
income units must be rented or available for 1273 and 1274 and the related regulations. governments pursuant to tax treaties or to
rent on a continuous basis by low-income The issue price should be identical to the federal and state agencies to enforce federal
tenants during the longer of: (a) the remaining issue price listed on Form 8038, Part III, line nontax criminal laws and to combat terrorism. If
term of the bond, or (b) the qualified project 21(b), filed with respect to the bond issue. you do not provide this form or all of the
period. If lines 12 and 13 do not add up to line
11, then make a determination as to whether Line 20. The final maturity date is the last date information requested on it, you may be subject
the project is in compliance with the the issuer must redeem the entire issue. Enter to penalties.
requirements of section 142(d). If it is the date in an MM/DD/YYYY format. The final To ensure proper identification of the owner
determined that the project is not in maturity date should be identical to the final and operator of the project, Code section 6109
compliance, check the box in Part IV to certify maturity date listed on Form 8038, Part III, line and its regulations require an identifying
that the project "does not meet" the 21(a), filed with respect to the bond issue. number (social security number (SSN) or
employer identification number (EIN)) on the
requirements of section 142(d). Certification annual certification.
Part III—Issuer and Description of Section 142(d)(7) requires the operator of the You are not required to provide the
Bonds project to submit this annual certification as to information requested on a form that is subject
whether the project continues to meet the to the Paperwork Reduction Act unless the form
If the project for which you are filing Form requirements of section 142(d). This form must displays a valid OMB control number. Books or
8703 has been financed by more than one be signed by the operator of the project. records relating to a form or its instructions must
tax-exempt bond issue, attach a separate
statement containing the information required Paid Preparer be retained as long as their contents may
in Part III, lines 14 through 20, for each bond become material in the administration of any
issue. If an authorized officer of the operator filled in Internal Revenue law. Generally, return
this return, the paid preparer's space should information is confidential, as required by Code
Line 14. The issuer's name is the name of the remain blank. Anyone who prepares the return section 6103.
entity issuing the bonds, not the name of the but does not charge the organization should not The time needed to complete and file this
entity receiving the benefits of the financing. sign the return. Certain others who prepare the form will vary depending on individual
The name of the issuer should be identical to return should not sign the return. For example, a circumstances. The estimated average time is:
the name listed on Form 8038, Part I, line 1, regular full-time employee of the operator, such Recordkeeping . . . . . 7 hr., 39 min.
filed with respect to the bond issue. as a clerk, secretary, etc., should not sign. Learning about the law
Line 15. Enter the issuer's employer Generally, anyone who is paid to prepare a or the form . . . . . . 1 hr., 51 min.
identification number (EIN). The issuer's EIN return must sign it and fill in the other blanks in Preparing and sending the
should be identical to the EIN listed on Form the Paid Preparer Use Only area of the return. form to the IRS . . . . . 3 hr., 16 min.
8038, Part I, line 2, filed with respect to the The paid preparer must: Sign the return in the If you have comments concerning the
bond issue. space provided for the preparer's signature, accuracy of these time estimates or
Line 16. Enter the name of the bond issue. If enter the preparer information, and give a copy suggestions for making this form simpler, we
there is no name of the issue, please provide of the return to the operator. would be happy to hear from you. You can send
other identification of the issue. The name of your comments to:
the bond issue should be identical to the
name listed on Form 8038, Part I, line 8, filed Internal Revenue Service
with respect to the bond issue. Tax Forms and Publications Division
1111 Constitution Ave. NW, IR-6526
Line 17. Enter the date of the bond issue. Washington, DC 20224
Enter the date in an MM/DD/YYYY format.
The date of the bond issue is generally the Do not send the form to this address.
date on which the issuer physically Instead, see Where to file, earlier.
exchanges the bonds for the underwriter's (or
other purchaser's) funds. The issue date
should be identical to the issue date listed on
Form 8038, Part I, line 7, filed with respect to
the bond issue.

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