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IRS SUSPENDS SOME REQUIREMENTS FOR ALABAMA LIHTC PROPERTIES

Friday, August 5, 2011 - 8:00AM

The Internal Revenue Service (IRS) today issued Notice 2011-65 to suspend certain requirements under Section 42, allowing low-income housing tax credit (LIHTC) properties in Alabama to provide emergency housing relief for residents displaced by severe storms, tornadoes, straight-line winds and flooding that began on April 15. The IRS said it will temporarily suspend income limitations for LIHTC properties that have received approval from the Alabama Housing Finance Authority to rent vacant units to displaced individuals. Other rules and requirements of Section 42 will continue to apply during the temporary housing period.

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