The Internal Revenue Service (IRS) has issued Notice 2011-65, which  provides relief to Alabama from certain low-income housing credit requirements. The Service has determined that it is appropriate to temporarily suspend certain income limitation requirements for certain qualified low-income projects. The suspension will apply to low-income housing projects approved by the Authority, in which vacant units are rented to displaced individuals. The Authority will determine the appropriate period of temporary housing for each project, not to extend beyond August 31, 2012 (temporary housing period). Read More…