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IRS SUSPENDS CERTAIN REQUIREMENTS FOR IOWA LIHTC PROPERTIES

Wednesday, December 21, 2011 - 8:00AM

The Internal Revenue Service (IRS) issued Notice 2012-07 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Section 42 requirements to provide emergency housing relief needed as a result of the devastation caused by flooding in Iowa during the period of May 25, 2011 to August 1, 2011. The IRS said it will suspend temporarily income limitation and non-transient requirements for LIHTC properties that have received approval from the Iowa Finance Authority to rent vacant units to individuals displaced by natural disasters. Other rules and requirements of Section 42 will continue to apply during the temporary housing period.

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