The Internal Revenue Service (IRS) today issued Notice 2011-74 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of the devastation caused by Tropical Storm Irene in Vermont beginning on August 27, 2011. The IRS said it will temporarily suspend income limitation and non-transient requirements for LIHTC properties that have received approval from the Vermont Housing Finance Agency to rent vacant units to individuals displaced by natural disasters. Other rules and requirements of Section 42 will continue to apply during the temporary housing period.
Click here to read IRS Notice 2011-74.
