The Internal Revenue Service has announced special relief designed to promote greater availability of low-income housing in New York and Pennsylvania for areas affected by Hurricane Irene.
Notice 2011-87 suspends certain requirements under § 42 of the Internal Revenue Code for low-income housing credit projects to provide emergency housing relief needed as a result of the devastation in the State of New York caused by either Hurricane Irene during the period of August 26, 2011 to September 5, 2011, or the remnants of Tropical Storm Lee during the period of September 7, 2011 to September 11, 2011.
Meanwhile, Notice 2011-83 suspends those same requirements under section 42 of the Internal Revenue Code for certain low-income housing credit properties in Pennsylvania to provide emergency housing relief needed as a result of the devastation in Pennsylvania caused by either Hurricane Irene during the same periods.
Notice 2011-83 was published in Internal Revenue Bulletin 2011-43, dated Oct. 24, 2011.
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