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IRS UPDATES GUIDANCE FOR LIHTC PROPERTIES IN DISASTER AREAS

Monday, July 2, 2007 - 7:30AM

The Internal Revenue Service (IRS) today provided an advance copy of Revenue Procedure 2007-54, which establishes a procedure for temporary relief from certain requirements of Section 42 of the Internal Revenue Code (IRC) for owners of low-income housing tax credit (LIHTC) buildings and LIHTC agencies of states or possessions of the United States in major disaster areas declared by the president. Rev. Proc. 2007-54 supersedes the relief provisions of Rev. Proc. 95-28. Rev. Proc. 2007-54 will be formally published in Internal Revenue Bulletin 2007-31, on July 30, 2007.

This and other guidance of interest to affordable housing professionals will be discussed at Novogradac & Company LLP’s 14th Annual San Francisco Affordable Housing Conference, October 4-5.

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