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Comptroller of the Currency, Treasury 24.1 of a full-payout lease, for purposes of this subpart: (1) Must be reasonable in light of the nature of the leased property and all circumstances relevant

How to fill out 12 cfr part 24

How to fill out 12 CFR Part 24?

1. Familiarize yourself with the purpose and requirements of 12 CFR Part 24. This regulation establishes the standards and criteria for national banks and federal savings associations when investing in low-income housing tax credits (LIHTC) and holding real estate as equity investments.
2. Obtain a copy of the current 12 CFR Part 24 document from the official website of the Office of the Comptroller of the Currency (OCC) or other reliable sources. Ensure that you have the most up-to-date version to accurately comply with the regulation.
3. Read through the entire regulation carefully, paying attention to definitions, scope, and specific provisions. Take note of any relevant sections or requirements that are applicable to your situation.
4. Make sure you understand the definitions and terms used within 12 CFR Part 24. This will help you accurately determine if your investment or holding qualifies under the regulatory requirements.
5. Evaluate your investment or holding to determine if it meets the criteria set forth in 12 CFR Part 24. This may involve analyzing the project's status as a low-income housing development, the applicable value of the investment, and any associated risks.
6. Prepare all necessary documentation and reports as mandated by 12 CFR Part 24. This includes forms such as the Part 24 Annual Report on Equity Investments in Low-Income Housing, which must be submitted to the OCC within 90 days after the end of each calendar year.
7. Maintain accurate records of your compliance with 12 CFR Part 24. This includes any supporting documents and evidence of adherence to the regulation's requirements. These records may be subject to examination and review by the OCC.
8. Regularly review and stay updated on any amendments or revisions to 12 CFR Part 24. The OCC may release new guidelines or provide clarifications that can impact your compliance obligations. It is important to remain aware of any changes to ensure continued adherence.

Who needs 12 CFR Part 24?

1. National banks: As designated by the OCC, national banks are subject to the provisions of 12 CFR Part 24 when investing in low-income housing tax credits and holding real estate as equity investments. Compliance with this regulation ensures that national banks support affordable housing initiatives and meet the prescribed standards.
2. Federal savings associations: Similarly, federal savings associations must comply with 12 CFR Part 24 when engaging in low-income housing tax credit investments and holding real estate as equity investments. This ensures that federal savings associations contribute to the preservation of affordable housing and align with the regulatory requirements.
3. Investors in low-income housing tax credits or equity investments: Individuals or entities investing in low-income housing tax credits or holding real estate as equity investments may also have to consider the provisions of 12 CFR Part 24. Compliance with this regulation ensures that these investors adhere to the necessary standards and criteria set forth by the OCC in relation to affordable housing initiatives.

For pdfFiller’s FAQs

What is 12 cfr part 24?

12 CFR Part 24 outlines the regulations governing national banks' investments in community and economic development projects.

Who is required to file 12 cfr part 24?

National banks are required to file 12 CFR Part 24.

How to fill out 12 cfr part 24?

To fill out 12 CFR Part 24, national banks must provide detailed information about their investments in community and economic development projects.

What is the purpose of 12 cfr part 24?

The purpose of 12 CFR Part 24 is to encourage national banks to invest in community and economic development projects that benefit low- and moderate-income individuals and communities.

What information must be reported on 12 cfr part 24?

On 12 CFR Part 24, national banks must report information about their investments in community and economic development projects, including the types of projects, amounts invested, and the impact on low- and moderate-income individuals and communities.

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