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IRS Expands LIHTC Compliance Relief for Areas Hit by 2018 California Wildfires

Wednesday, September 18, 2019 - 9:45AM

The Internal Revenue Service Tuesday issued Notice 2019-52, expanding the emergency housing and compliance monitoring relief for low-income housing tax credit properties in areas hit by last year’s California wildfires. Revenue Procedures (Rev. Procs.) 2014-49 and 2014-50 provide temporary relief from certain requirements of Internal Revenue Code Sections 42 and 142 in the context of a major disaster, including the facilitation of emergency housing for displaced individuals. Notice 2019-52 applies to Butte, Los Angeles and Ventura counties, where the fire incident was from Nov. 8- 25, 2018. The new notice extends the temporary housing period to July 31, 2020, and the compliance review until Nov. 25, 2019, or a year after a building was placed back in service. The IRS also seeks comments on potential changes to Rev. Procs. 2014-49 and 2014-50 by Oct. 31.

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