Treasury/IRS announced that it will waive low-income housing tax credit (LIHTC) rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Sandy who do not qualify as low-income. The action will expand the availability of housing for disaster victims and their families.
Specifically, Treasury/IRS will be temporarily suspending income limitation requirements and non-transient requirements for qualified low-income housing projects that provide housing to victims of Hurricane Sandy.
Please know that NAHMA is currently following up with Treasury/IRS for more information regarding the specifics associated with this waiver and will provide members with more information as it becomes available.
A copy of the original Treasury/IRS press release may be found here: http://www.irs.gov/uac/Newsroom/Treasury-and-IRS-Expand-Availability-of-Housing-for-Hurricane-Sandy-Victims