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IRS SUSPENDS CERTAIN REQUIREMENTS FOR NEW YORK LIHTC PROPERTIES

Friday, October 21, 2011 - 7:00AM

The Internal Revenue Service (IRS) issued Notice 2011-87 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 Hurricane Irene in New York during the period of August 26, 2011 to September 5, 2011 or the remnants of Tropical Storm Lee during the period of September 7 to September 11, 2011. The IRS said it will temporarily suspend income limitation and non-transient requirements for LIHTC properties that have received approval from the New York State Homes and Community Renewal Agency 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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