NCSHA Letter Suggests Improvements to IRS LIHTC Guidance after Disasters

Friday, November 1, 2019 - 3:15pm

The National Council of State Housing Agencies (NCSHA) this week sent comments to the Internal Revenue Service (IRS) on how the IRS can improve low-income housing tax credit disaster relief guidance provided in Revenue Procedures 2014-49 and 2014-50. Among the areas for which NCHSA urged the IRS to expand its disaster relief guidance includes the treatment of residents returning to an affected property after a natural disaster, to clarify that owners must maintain compliance in non-damaged units if only a portion of the property is affected by a natural disaster and to consider the issue of records destroyed during a natural disaster.