IRS Suspends Income Limits, Allows Occupancy of Vacant Tax Credit Units By Florida Hurricane Victims

摘要

The Internal Revenue Service will allow Florida low-income housing tax credit projects to temporarily rent vacant units to over-income individuals displaced by Hurricanes Charley and Frances without the loss of tax credits. The relief measure was announced in Notice 2004-66, which was released on September 16 and is scheduled to be published in the October 12 Internal Revenue Bulletin. The notice temporarily suspends the income limitations for projects that have passed the first year of the credit period and that have been approved by the Florida Housing Finance Corporation (FHFC). The FHFC must determine the appropriate period for which each project will provide temporary housing, although the period can't extend beyond September 30, 2005.