IRS Provides Relief for LIHTC Projects Affected by Hurricane Sandy

The Internal Revenue Service has issued Notice 2012-68 in which it suspends certain requirements under § 42 of the Internal Revenue Code for low-income housing credit projects to provide emergency housing relief needed as a result of the devastation caused by Hurricane Sandy. The Services has provided that low-income housing outside the disaster area may be made available for any displaced household, regardless of income, on a temporary basis. Owners of low-income housing tax credit project must obtain approval from the applicable Housing Agency for the relief described in Notice 2012-69. The applicable Housing Agency will determine the appropriate period of temporary housing for each project, not to extend beyond November 30, 2013.