IRS ISSUES GUIDANCE FOR ASSISTING HURRICANE SANDY VICTIMS
The Internal Revenue Service (IRS) today suspended certain requirements for qualified residential rental projects financed with tax-exempt bonds that are providing emergency housing for victims of Hurricane Sandy. Notice 2013-9 temporarily suspends income limitations and the non-transient use requirement for the property. The IRS says Notice 2013-9 complements Notice 2012-68, which provides relief from certain requirements for residential rental projects financed with low-income housing tax credits (LIHTCs). Notice 2013-9 went into effect Oct. 22, 2012.