IRS Suspends Requirements for Certain North Dakota Tax Credit Properties

The IRS recently issued Notice 2011-60 to grant certain low-income housing tax credit properties relief from specified Section 42 requirements in the wake devastation caused by flooding in North Dakota that began on Feb. 14, 2011.

The IRS said it will temporarily suspend income limitation and non-transient requirements for low-income housing tax credit properties that have received approval from the North Dakota Housing Finance Agency to rent vacant units to individuals displaced by natural disasters.

Other rules and requirements of Section 42 will continue to apply during the temporary housing period.