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Florida Governor Asks IRS Not to Take Action against Investors, Developers Who Leased Property to Homeless Hurricane Victims

Tuesday, September 7, 2004 - 1:45AM

Florida Gov. Jeb Bush last week asked the Internal Revenue Service not to take regulatory action against investors and developers otherwise qualified for low-income housing tax credits (LIHTCs) who lease property to homeless hurricane victims with incomes that exceed local limits. BNA TaxCore reports that in a letter to Treasury Secretary John W. Snow and IRS Commissioner Mark W. Everson, Bush said that a survey by the Florida Housing Finance Corporation found that approximately 3,000 housing units were available in 12 counties affected by Hurricane Charley. Bush asked the IRS for temporary relief for 12 months, with a six-month extension, for investors and developers to lease units to tenants whose incomes exceed area median limits.

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