Affordable Housing Finance

THE BUZZ

IRS Waives Rules to Aid Flood Victims

AFFORDABLE HOUSING FINANCE • September 2008

THE INTERNAL REVENUE SERVICE (IRS) is suspending certain requirements under the low-income housing tax credit program in Indiana, Iowa, and Wisconsin so that owners of facilities in these states can provide housing to victims of recent storms and flooding.

“Our thoughts are with the thousands of families left homeless by these terrible tragedies,” IRS Commissioner Doug Shulman said in a statement. “We are pleased to help these states to quickly house the needy whose homes were destroyed.”

Because of the widespread devastation to housing caused by storms and flooding, the IRS will temporarily suspend certain limitations for qualified low-income housing projects located anywhere in the states.