Affordable Housing and Tax Credit Developments NationallyHurricane Sandy and Low Income Housing Tax Credit (LIHTC) Properties

November 5, 2012by George Danneman

The Internal Revenue Service (IRS) and the Department of Treasury will be waiving the low-income and non-transient requirements for Low Income Housing Tax Credit (LIHTC) Properties providing temporary housing to disaster victims rendered homeless by Hurricane Sandy in certain counties.  Without this change these property owners would not be able to offer vacant units to homeless victims of Hurricane Sandy whose incomes are above the low-income limitations of the LIHTC Affordable Housing Program.
Also, the United States Department of Housing and Urban Development (HUD) Secretary Shaun Donovan just ordered foreclosure relief for certain disaster victims from Hurricane Sandy located in covered counties as well as other relief.

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