Are there any requirements for how long the property must remain in use to qualify for the credits

Yes, there are specific requirements for how long the property must remain in use to qualify for certain credits under the Internal Revenue Code.

1. Low-Income Housing Credit (§ 42):
   • Compliance Period: The property must remain in compliance with the low-income housing requirements for a period of 15 years beginning with the first taxable year of the credit period (Subsection 42(i)(1)).
   • Extended Use Period: An extended low-income housing commitment must be in effect, which generally extends the compliance period by an additional 15 years, making it a total of 30 years (Subsection 42(h)(6)(D)).
2. Rehabilitation Credit (§ 47):
   • Substantial Rehabilitation Requirement: For a building to qualify as a "qualified rehabilitated building," the rehabilitation expenditures must be substantial, meaning they must exceed the greater of the adjusted basis of the building or $5,000 within a 24-month period (Subsection 47(c)(1)(B)).
   • Holding Period: The building must be held for at least 24 months immediately before the exchange for the rehabilitation credit to apply (Subsection 47(c)(1)(B)(i)).
3. Energy Efficient Home Improvement Credit:
   • Minimum Use Period: For building envelope components (such as exterior doors, windows, skylights, insulation, and air sealing materials or systems), the component must reasonably be expected to remain in use for at least 5 years (IRS FAQ).

These requirements ensure that the property is used in a manner consistent with the purpose of the credit for a specified period, thereby preventing short-term use solely to claim the tax benefits.

Sources:
§ 42. Low-income housing credit
§ 47. Rehabilitation credit
IRS Proposed Regulations REG-132569-17
IRM Part 21. Customer Account Services. Chapter 7. Business Tax Returns and Non-Master File Accounts. Section 4. Income Taxes/Information Returns
Rev. Proc. 2018-58
Rev. Proc. 2008-16