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Disaster Relief - 2005 Hurricanes:

IRS and Treasury Guidance

 

Low Income Housing Tax Credits

The Treasury Department and the Internal Revenue Service (IRS) announced that because of the widespread devastation to housing caused by Hurricane Katrina, they will temporarily suspend income limitation requirements and non-transient requirements for qualified low-income housing tax credit (LIHTC) projects located anywhere in the United States.

Disaster relief for LIHTC developments:

Notice 2010-10: Tax-exempt Bonds in Certain Disaster Areas (December 18, 2009)

Notice 2008-95: Notice to Address Amended Returns for Hurricane-Related Casualty Losses and Subsequent Grants Reimbursing Such Losses

Proc 2007-54: Temporary Relief from Certain Requirements of IRC Section 42 for LIHTC Properties in Major Disaster Areas

Proc 95-28:IRS Provides Relief for Major Disaster Areas (superceded by Rev. Proc. 2007-54)
CCA 200134006 - IRC Section 42 and Casualty Losses

Hurricane News and Guidance:

Press Release: Treasury and IRS Expand Availability of Housing for Hurricane Victims
September 2, 2005

U.S. Treasury Dept. Secretary John W. Snow Prepared Remarks: Announcement of Tax Relief and IRS Actions Relating to Hurricane Recovery Assistance 
September 8, 2005

IRS Notice 2005-69: Relief from Certain Low-Income Housing Credit Requirements Due to Hurricane Katrina
September 9, 2005

IRS Notice 2005-89: Temporary Relief for Certain REITs and Taxable REIT Subsidiaries that Provide
Accommodations to Persons Affected by Hurricanes Katrina and Rita
November 22, 2005

Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita and Wilma
(January 24, 2006)

Notice 2006-11: Relief from Certain Low-Income Housing Credit Requirements Due to Hurricane Rita

In 2004, the IRS suspended LIHTC income limitation requirements for 12 months in Alabama, Florida, and Ohio following Hurricanes Charley, Frances, Ivan and Jeanne.

Notice 2004-76: Relief from Certain LIHTC Requirements in Florida Due to Hurricanes Charley, Frances, Ivan, and Jeanne
Notice 2004-75: Relief from Certain LIHTC Requirements in Ohio Due to Post-Hurricane Severe Storms and Flooding
Notice 2004-74: Relief from Certain LIHTC Requirements in Alabama Due to Hurricane Ivan
Notice 2004-66: Relief from Certain LIHTC Requirements Due to Hurricane Charley and Hurricane Frances

Tax-Exempt Bonds

Press Release:Extra Time Granted for Tax-Exempt Bond Issuers Affected By Katrina
September 8, 2005

Announcement 2005-69: Disaster relief for issuers of tax-exempt bonds affected by Hurricane Katrina