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IRS ISSUES GUIDANCE FOR ASSISTING OKLAHOMA TORNADO VICTIMS

Friday, May 31, 2013 - 7:00AM

The Internal Revenue Service (IRS) today suspended certain requirements for qualified residential rental projects financed with exempt facility bonds to provide emergency housing relief to victims affected by the storms and tornadoes in Oklahoma between May 18 and May 27, 2013. Notice 2013-39 suspends certain income limitation requirements under Internal Revenue Code (IRC) section 142(d) that apply to qualified residential rental projects financed with tax-exempt bonds. The IRS also released Notice 2013-40, which suspends certain requirements under IRC Section 42 for low-income housing tax credit- (LIHTC-) financed properties to provide emergency housing relief for citizens affected by the recent storms and tornadoes in Oklahoma. Both notices went into effect May 20, 2013.

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