LIHTC Disaster Relief Provisions Detailed in IRS News Release

Thursday, September 28, 2017 - 10:30am

In a press release today the Internal Revenue Service (IRS) described guidance that allows owners and operators of low-income housing tax credit (LIHTC) developments located anywhere in the United States and its possessions to provide temporary emergency housing to individuals displaced by a major disaster, regardless of income. The special relief is detailed in Revenue Procedures 2014-49 and 2014-50. Current federally declared disaster areas include parts of Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands, although the Federal Emergency Management Agency (FEMA) may add other locations in the future.  Read more about LIHTC disaster relief on the Notes from Novogradac blog