IRS WAIVES LIHTC RULES FOR CERTAIN PROPERTIES

Monday, November 5, 2012 - 8:00AM

To provide some relief from the devastation caused by Hurricane Sandy, the Internal Revenue Service (IRS) and the Treasury Department will temporarily waive low-income housing tax credit (LIHTC) rules that prohibit property owners from providing housing to hurricane victims who do not qualify as low-income. The agencies will temporarily suspend the LIHTC program’s income limitation requirements and non-transient requirements to enable LIHTC property owners that choose to rent vacant units to displaced individuals to house affected individuals in designated counties.

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