Kentucky Housing Corporation Offers Guidance Following Swarm of Tornadoes

Wednesday, December 15, 2021 - 9:00AM

In response to last weekend’s swarm of tornadoes, the Kentucky Housing Corporation (KHC) today reminded affordable housing providers of federal assistance and options available under Revenue Procedure (Rev. Proc.) 2014-49 and 2014-50. KHC’s announcement included when to contact the agency concerning available units, uninhabitable units and major property damage. Under Rev. Proc. 2014-49 and 2014-50, low-income housing tax credit- (LIHTC-) and private-activity bond- (PAB-)financed properties have temporary relief from certain requirements of Internal Revenue Code (IRC) Section 42, as well as emergency housing relief for individuals displaced by a major disaster.

Learn more about LIHTC disaster relief in the Novogradac Low-Income Housing Tax Credit Handbook.

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