The Internal Revenue Service (IRS) recently issued Notice 2013-9 to suspend certain requirements under Section 142(d) of the Internal Revenue Code for qualified residential rental projects financed with tax exempt bonds in order to provide emergency housing relief needed as a result of Hurricane Sandy. More specifically, the Notice temporarily suspends income limitations and non-transient use requirements for tax exempt bond properties. The IRS notes that for projects that are also financed with low-income housing tax credits (LIHTC), Notice 2013-9 should be read with Notice 2012-68, which also suspended certain IRS requirements for LIHTC projects to provide temporary housing relief to those affected by Sandy. Notice 2013-9 and Notice 2012-68 became effective October 22, 2012.
Click here to read Notice 2013-9.
