The U.S. Treasury Department and the Internal Revenue Service announced yesterday that they will waive low-income housing tax credit (LIHTC) rules that prohibit owners of low-income housing from providing housing to victims of Hurricane Sandy who do not qualify as low-income. The action will expand the availability of housing for disaster victims and their families.
Projects with multiple sources of funding/subsidy are more common than ever before. These projects are referred to as blended occupancy or combined funding projects.
Managing eligibility of these projects is complicated and can cause confusion. It's not uncommon to have a project with two, three, or four different types of funding. That means varying and often conflicting compliance requirements from multiple agencies.