Low-Income Housing Tax Credit Rules Waived; Housing Availability Expanded for Hurricane Sandy Victims (IR-2012-86)

The IRS will waive low-income housing tax credit rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Sandy who do not qualify as low-income. Specifically, the IRS will temporarily suspend income limitation requirements and non-transient requirements for qualified low-income housing projects that provide housing to victims of Hurricane Sandy. This action will expand the availability of housing for disaster victims and their families. Major disasters has been declared to exist in Connecticut, New York and New Jersey, making federal funding available to affected individuals in designated counties through the Federal Emergency Management Agency (FEMA). FEMA has also approved Transitional Sheltering Assistance (TSA) in New York and New Jersey for eligible disaster survivors who have a continuing need for shelter because they are unable to return to their homes for an extended period of time. Individuals and business owners who sustained losses can apply for assistance from FEMA by calling 1-800-621-FEMA (3362) via mobile device at m.fema.gov, or online at http://www.disasterassistance.gov .

IR-2012-86, 2012FED ¶46,514

Notice 2012-68, 2012FED ¶46,516

Other References:

Code Sec. 42

CCH Reference – 2012FED ¶4385.27

Tax Research Consultant

CCH Reference – TRC BUSEXP: 54,200

 

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