IRS PROVIDES GUIDANCE FOR LIHTCS, BONDS IN DISASTER AREAS

Wednesday, November 26, 2008 - 7:00AM

The Internal Revenue Service (IRS) yesterday released Notice 2008-109, which provides guidance with respect to state volume limits applicable to allocations of the low-income housing tax credits (LIHTCs) in the Midwestern and Hurricane Ike disaster areas, the issuance of tax-exempt bonds for the Midwestern and Hurricane Ike disaster areas, and the issuance of tax credit bonds for the Midwestern disaster areas. Notice 2008-109 also provides a list of the counties that qualify as Midwestern or Hurricane Ike disaster areas and provides the portion of the state population located in the disaster or other relevant areas for purposes of determining the volume limits applicable to each of these provisions.

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