Federal Tax Record Retention Guidelines for Tax-Exempt Single-Family Mortgage Revenue Bonds/Programs
Publications - Client Alert | June 5, 2024More and more Housing Finance Agencies are dealing with voluminous records relating to single family mortgages they have financed over the decades, and the tax-exempt bonds they have issued to do so. And have sought guidance on the IRS rules regarding what mortgage and bond records to retain, how long to retain them, and how to retain them.
Various laws apply to record retention in general – not only IRS rules for tax-exempt bonds and mortgages financed by them, but also state laws, CFPB rules, mortgage insurer/guarantor rules (FHA, VA, etc.), MBS issuers and others.
Available here and linked below is a summary of the present IRS records retention rules related to federally tax-exempt mortgage revenue bonds and the mortgages financed by them. This summary does not address any other record retention laws or rules.
If you have any questions, please contact one of the attorneys listed below in Kutak Rock’s Housing Finance Agency Practice Group.
Federal Tax Record Retention Guidelines for Tax-Exempt Single-Family Mortgage Revenue Bonds/Programs