The Internal Revenue Service (IRS) has issued Notice 2012-07 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 the flooding in Iowa between May 25 and August 1, 2011. 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 Iowa Finance Authority (IFA) to temporarily provide housing refuge to individuals who have been displaced or whose residences are uninhabitable as a result of the flooding. All other Section-42 rules and requirements still apply during the temporary suspension. The effective date of the notice is June 27, 2011.
To view Notice 2012-07, click here.
