LIHTC Requirements Waived for Colorado Disaster Victims
The IRS recently announced that it is waiving certain limitations for projects financed with Low Income Housing Tax or exempt facility bonds so that owners across the United States can provide housing to victims of severe storms, flooding, landslides, and mudslides in Colorado that began Sept. 11, 2013.
Because of the widespread devastation to housing caused by storms and flooding, the IRS will temporarily suspend certain limitations under Section 42 for qualified low-income housing projects that house people displaced by the storms and flooding, which will expand the availability of housing for disaster victims and their families. Certain compliance regulations set forth under Section 42 will no longer pertain to vacant units rented to displaced persons. The period that a project may house displaced persons will not extend beyond Sept. 30, 2014.