LIHTC Property Owners May Provide Temporary Housing

Due to the massive amount of damage and the number of displaced residents resulting from Hurricane Sandy, especially on the Connecticut shoreline, the IRS has recently published Notice 2012-68, which gives property owners the ability to provide immediate housing to the affected individuals with a temporary lift on the income limit and transient use restrictions.

Normally, property owners must verify all income and assets for each family according to the income limits for the respective city, town, or county. In addition, tenants must sign a lease of no less than 6 months, with the exception of single-room occupancy properties.

At this time, the IRS has waived these two rules in order to accommodate individuals affected by the hurricane.

–  RealEstateRama

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