Sign Up For Novogradac Industry Alert Emails

IRS, Treasury Issue NoticeThat Offering Temporary Housing in Florida Won't Jeopardize LIHTCs

Thursday, September 16, 2004 - 1:45AM

The Internal Revenue Service (IRS) and Treasury Department today issued a notice that provides that the temporary housing of displaced individuals in low-income units in Florida will not cause the owners to lose low-income housing tax credits (LIHTCs). Notice 2004-66 suspends certain income limitation requirements under Section 42 of the Internal Revenue Code for certain LIHTC properties in Florida as a result of the devastation caused by Hurricane Charley and Hurricane Frances. This relief is being granted pursuant to the IRS's authority under §42(n) and Section 1.42-13(a) of the Income Tax Regulations. The Treasury Department and the IRS also indicated they would entertain similar requests from other states affected by recent natural disasters.

Learn more about Novogradac's expertise and many services