The IRS is waiving certain limitations for projects financed with low-income housing tax credits or exempt facility bonds so that owners and operators of these facilities nationwide can provide housing to victims of severe storms, flooding, landslides and mudslides in Colorado.
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Because of the widespread devastation to housing caused by storms and flooding that began three weeks ago, the IRS will temporarily suspend certain limitations for qualified low-income housing projects that house people displaced by the storms and flooding.
The action will expand availability of housing for disaster victims and their families. The IRS recently announced other relief for affected taxpayers in the presidentially declared disaster area.