IRS Expands Housing Credit and Bond Disaster Relief for CA Disaster Relief and Other Considered Modifications

The Internal Revenue Service (IRS) issued a notice that expands the emergency housing and compliance monitoring relief for Low-income Housing Tax Credit properties in areas that were affected by the 2018 California wildfires. Originally, the Federal Emergency Management Agency (FEMA) had designated Butte, Los Angeles and Ventura counties in California to be eligible for Individual Assistance and Public Assistance under the Stafford Disaster Relief and Emergency Assistance Act in November 2018. The notice expands the relief provided by extending the temporary housing period to July 31, 2020 and the compliance review until Nov. 25, 2019 or a year after a building was placed back in service. The IRS is requesting that public comments be submitted by October 31, 2019. To read the IRS notice click here.

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