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Low-Income Housing Limits To Be Waived for Colorado Disaster Victims
Posted by Terri Eyden on
The IRS announced September 30, 2013, that it is waiving certain limitations for projects financed with low-income housing tax credits or exempt facility bonds so that owners and operators of these facilities anywhere in the nation can provide housing to victims of severe storms, flooding, landslides, and mudslides in Colorado that began September 11.
Because of the widespread devastation to housing caused by storms and flooding, the IRS will temporarily suspend certain limitations for qualified low-income housing projects that house people displaced by the storms and flooding. The action will expand the availability of housing for disaster victims and their families. Further details are available in Notice 2013-63 and Notice 2013-64, posted on IRS.gov.
The IRS recently announced other relief available to affected taxpayers in the presidentially declared disaster area.