Notice 2024-25, 2024-12 I.R.B. 712

This notice advises State and local housing credit agencies that allocate low-income housing credits under § 42 of the Internal Revenue Code, and States and other issuers of tax-exempt private activity bonds under § 141, of the population figures to use in calculating: (1) the 2024 calendar year population-based component of the State housing credit ceiling (Credit Ceiling) under § 42(h)(3)(C)(ii); (2) the 2024 calendar year volume cap (Volume Cap) under § 146; and (3) the 2024 volume limit (Volume Limit) under § 142(k)(5).

Generally, the population-based component of both the Credit Ceiling and the Volume Cap are determined under § 146(j), which requires determining the population figures for any calendar year on the basis of the most recent census estimate of the resident population of a State (or issuing authority) released by the U.S. Census Bureau before the beginning of the calendar year. Similarly, § 142(k)(5) bases the Volume Limit on the State population.

Sections 42(h)(3)(H) and 146(d)(2) require adjusting for inflation the population-based component of the Credit Ceiling and the Volume Cap. The Credit Ceiling adjustment for the 2024 calendar year is in Rev. Proc. 2023-34; 2023-48 I.R.B. 1287. Section 3.09 of Rev. Proc. 2023-34 provides that, for calendar year 2024, the amount for calculating the Credit Ceiling under § 42(h)(3)(C)(ii) is the greater of $2.90 multiplied by the State population, or $3,360,000. Further, section 3.20 of Rev. Proc. 2023-34 provides that the amount for calculating the Volume Cap under § 146(d)(1) for calendar year 2024 is the greater of $125 multiplied by the State population, or $378,230,000.

For the 50 states, the District of Columbia, and Puerto Rico, the population figures for calculating the Credit Ceiling, the Volume Cap, and the Volume Limit for the 2024 calendar year are the resident population estimates released electronically by the U.S. Census Bureau on December 19, 2023, and described in Press Release CB23-217. For American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands, the population figures for the 2024 calendar year are the 2023 midyear population figures in the U.S. Census Bureau’s International Data Base.

For convenience, these figures are reprinted below.

Resident Population Figures

Alabama

5,108,468

Alaska

733,406

American Samoa

44,620

Arizona

7,431,344

Arkansas

3,067,732

California

38,965,193

Colorado

5,877,610

Connecticut

3,617,176

Delaware

1,031,890

District of Columbia

678,972

Florida

22,610,726

Georgia

11,029,227

Guam

169,330

Hawaii

1,435,138

Idaho

1,964,726

Illinois

12,549,689

Indiana

6,862,199

Iowa

3,207,004

Kansas

2,940,546

Kentucky

4,526,154

Louisiana

4,573,749

Maine

1,395,722

Maryland

6,180,253

Massachusetts

7,001,399

Michigan

10,037,261

Minnesota

5,737,915

Mississippi

2,939,690

Missouri

6,196,156

Montana

1,132,812

Nebraska

1,978,379

Nevada

3,194,176

New Hampshire

1,402,054

New Jersey

9,290,841

New Mexico

2,114,371

New York

19,571,216

North Carolina

10,835,491

North Dakota

783,926

Northern Mariana Islands

51,295

Ohio

11,785,935

Oklahoma

4,053,824

Oregon

4,233,358

Pennsylvania

12,961,683

Puerto Rico

3,205,691

Rhode Island

1,095,962

South Carolina

5,373,555

South Dakota

919,318

Tennessee

7,126,489

Texas

30,503,301

Utah

3,417,734

Vermont

647,464

Virginia

8,715,698

Virgin Islands, U.S.

104,917

Washington

7,812,880

West Virginia

1,770,071

Wisconsin

5,910,955

Wyoming

584,057

The principal authors of this notice are Waheed M. Olayan, Office of the Associate Chief Counsel (Passthroughs and Special Industries), and David White, Office of the Associate Chief Counsel (Financial Institutions and Products). For further information regarding this notice, please contact Waheed M. Olayan at (202) 317-4137 (not a toll-free number).