IRS Grants Vermont Low-Income Housing Tax Credit Disaster Relief
The IRS recently issued Notice 2011-74, which grants certain low-income housing tax credit properties relief from some Section 42 requirements. The move was intended to provide emergency housing relief in the wake of devastation caused by Tropical Storm Irene in Vermont beginning on Aug. 27, 2011.
The IRS will temporarily suspend income limitation and non-transient requirements for LIHTC properties that have received approval from the Vermont Housing Finance Agency to rent vacant units to individuals displaced by natural disasters. Other rules and requirements of Section 42 will continue to apply during the temporary housing period.