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IRS Issues Disaster Relief Guidance for LIHTC, Bond Properties

Thursday, August 21, 2014 - 7:00AM

The Internal Revenue Service (IRS) today released two revenue procedures that provide guidance about temporary disaster relief for qualified developments that were financed by the low-income housing tax credit (LIHTC) or tax-exempt bonds. For rental housing developments in designated major disaster areas, Revenue Procedure 2014-49 and Revenue Procedure 2014-50 provide detailed guidance about temporary relief from certain §42 and § 142(d) requirements, including those concerning carryover allocations, recapture, compliance monitoring, buildings in the first year of the credit period, the amount of credit allowable to a restored building and emergency housing.

Tune into the Aug. 26 Tax Credit Tuesday podcast to learn more.

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