LOW INCOME HOUSING-FEDERAL

摘要

The Internal Revenue Service has issued Notice 2012-07 to grant certain low-income housing tax credit (LIHTC) properties relief from specified Internal Revenue Code 42 requirements to provide emergency housing relief needed as a result of flooding in Iowa during the period from May 25, 2011 to August 1, 2011. The IRS said it will temporarily suspend income limitation and nontransient requirements for LIHTC properties that have received approval from the Iowa Finance Authority to rent vacant units to persons displaced by natural disasters. Other rules and requirements of § 42 will continue to apply during the temporary housing period.