IRS Provides Low-Income Housing Credit Disaster Relief

Newly issued  Revenue Procedure 2014-49 provides temporary relief from certain requirements of Section 42 of the Tax Code (the low-income housing credit), in the context of a "major disaster."

The revenue procedure also provides emergency housing relief for individuals who are displaced by a major disaster from their principal residences in certain major disaster areas, and specifies the conditions under which an owner can provide housing in a low-income housing building to temporarily displaced individuals.

A "major disaster" is a disaster as declared by the president under Section 401 of the Stafford Act, 42 U.S.C. § 5170.

Rev. Proc. 2014-49 modifies and supersedes Rev. Proc. 2007-54.