The Asset Management Division of the Texas Department of Housing and Community Affairs (“TDHCA”) seeks to notify Owners of Housing Tax Credit (“HTC”) Developments awarded in 2015 and 2016 that President Trump has issued a major disaster declaration under the Stafford Act for Counties affected by Hurricane Harvey as published in Disaster Federal Register Notice DR-4332 on the FEMA website at: https://www.fema.gov/disaster/4332/notices.
As a reminder, IRS Revenue Procedure 2014-49 allows for state agencies to grant extensions to placed in service deadlines as a form of relief under carryover allocation provisions in §42(h)(1)(E) on an individual project basis because of an event or series of events that led to a major disaster declaration. Owners seeking such relief in the published Counties due to impact by the disaster should contact their Asset Managers as soon as they are able. Additional Counties may become eligible for relief as additional or amended Federal Register Notices are released. Those amendments can be found on the FEMA website at: https://www.fema.gov/disaster/4332/notices.
A map of current Asset Management region assignments is located on the Asset Management Division webpage at: http://www.tdhca.state.tx.us/asset-management/contacts.htm
Owners or Management Agents in affected Counties who are concerned about any other deadlines and the disaster’s impact on such deadlines are urged to contact their Asset Managers directly with any questions or concerns.
