IRS TO WAIVE SOME LIHTC RULES FOR VICTIMS OF FLOODING IN INDIANA, IOWA

Thursday, June 19, 2008 - 7:30AM

The Internal Revenue Service (IRS) today announced that it will temporarily suspend certain limitations for qualified low-income housing tax credit (LIHTC) projects located anywhere in the states of Indiana and Iowa in an effort to expand the availability of housing for disaster victims and their families. Owners of LIHTC properties in those states will be allowed to provide housing to victims of recent storms and flooding under guidance that will be set forth in formal notices, which the IRS says will be issued shortly. The IRS says it will continue to monitor closely the housing situation in other states affected by the recent flooding and is prepared to act quickly as circumstances warrant. 

Learn more about Novogradac's expertise and many services