The Internal Revenue Service (IRS) announced that it is waiving certain limitations for projects financed with Low Income Housing Tax Credits (LIHTC) or exempt facility bonds so that owners and operates across the United States can provide housing to victims of severe storms, flooding, landslides, and mudslides in Colorado that began September 11, 2013.
Because of the widespread devastation to housing caused by storms and flooding, the IRS will temporarily suspend certain limitations under § 42 for qualified low-income housing projects that house people displaced by the storms and flooding, which will expand the availability of housing for disaster victims and their families. Certain compliance regulations set forth under § 42 will no longer pertain to vacant units rented to displaced persons. The period that a project may house displaced persons will not extend beyond September 30, 2014.
For more information, please refer to IRS Notice 2013-63 and IRS Notice 2013-64.
