The Internal Revenue Service (IRS) has issued Notice 2011-83 to announce the suspension of certain requirements for low-income housing tax credit projects in order to provide emergency housing relief to individuals affected by Hurricane Irene and/or Tropical Storm Lee in Pennsylvania. The notice indicates that certain income limitations, status of units, and non-transient requirements have been temporarily suspended for certain LIHTC projects in order for the Pennsylvania Housing Finance Agency (PHFA) to temporarily provide housing refuge to individuals who have been displaced or whose residences are uninhabitable as a result of either of the storms. All other Section-42 rules and requirements still apply during the temporary suspension. The notice becomes effective September 3, 2011 for devastation caused by Hurricane Irene in Pennsylvania and September 12, 2011 for devastation caused by Tropical Storm Lee.
To read the full text of the notice, click here.
