Wednesday, Sept. 14, 2005

 

IRS, Treasury expand availability of housing for hurricane victims

The IRS and Treasury Department have announced that they will waive rules that prohibit owners of low-income housing from providing that housing to victims of Hurricane Katrina that do not qualify as low-income. The action will expand the availability of housing for disaster victims and their families.

Because of the widespread devastation to housing caused by Hurricane Katrina, the IRS and Treasury Department will temporarily suspend income limitation requirements and non-transient requirements for qualified low-income housing projects located anywhere in the United States.

"The widespread damage caused by the hurricane left many thousands of Americans homeless," stated Treasury Secretary John W. Snow. "We hope that providing this disaster relief will allow states to temporarily house many of the needy whose homes were destroyed."