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.
According to their press release, the IRS will be temporarily suspending income limitation requirements and non-transient requirements for qualified low-income housing projects that provide housing to victims of Hurricane Sandy.
The National Affordable Housing Management Association (NAHMA) has announced that it is currently following up regarding the specifics associated with this waiver and will provide members with more information as it becomes available.
In related news, the Department of Housing and Urban Development (HUD) has launched a website for victims of Hurricane Sandy, particularly those in New York and New Jersey. It provides phone numbers to call for HUD assistance or guidance, lists of local resources, links to the Federal Emergency Management Agency (FEMA) website, steps to take in dealing with a storm-damaged home, and a fair housing disaster toolkit.
On the HUD home page, you'll also find a "widget" to the Hurricane Sandy recovery page at USA.gov. Access more disaster recovery resources at http://www.huduser.org/portal/sandy.html.
To stay updated on the latest program information, subscribe to NMA's PIH Alert and Housing Resource Newsletter. Order before January 1, 2013 to receive a 10% savings.
