The Internal Revenue Service (IRS) has issued Notice 2011-87 to announce the temporary suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in New York. The notice indicates that certain income limitations, status of units, and non-transient requirements have been temporarily suspended for some LIHTC projects in order for the New York State Homes and Community Renewal Agency to temporarily provide housing refuge to individuals who have been displaced or whose residences are uninhabitable as a result of either of the storms. All other Section-42 rules and requirements still apply during the temporary suspension. The notice becomes effective August 31, 2011 for devastation caused by Hurricane Irene and September 13, 2011 for devastation caused by Tropical Storm Lee.
Click here to read Notice 2011-87.
