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IRS Suspends LIHTC rules to allow owners to house tornado victims

On May 20, 2013, the President issued a major disaster declaration for the State of Oklahoma because of the devastation caused by the tornadoes. Subsequently, the Federal Emergency Management Agency (FEMA) designated jurisdictions for Individual Assistance. Because of the damage to housing caused by the tornadoes, the IRS has determined that state housing agencies may provide approval to project owners in their respective states to provide temporary emergency housing for displaced individuals in accordance with IRS Notice 2013-40. The IRS has suspended certain rules to allow low-income housing tax credit (LIHTC) sites to be used to shelter victims of the ...


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