Louisiana experienced severe weather conditions that caused significant damages in many areas across the state. A Federal Major Disaster was declared for several parishes in Louisiana. In a context of an event for which the President has declared a major disaster, the Internal Revenue Service provides temporary relief pursuant to Rev. Proc. 2014-49 and Rev. Proc. 2014-50 (“IRS Revenue Disaster Procedures”) from certain requirements of Section 142(d) and Section 42 of the Internal Revenue Code for:
(i) issuers of tax-exempt, exempt facility bonds for a project under §142(d) and §103,
(ii) the governmental housing credit agency that has jurisdiction over the project subject to low-income requirements under §42,
(iii) the owner of a qualified residential rental project that is financed with exempt facility bonds under §142(d), whether or not the project is also subject to the low-income housing credit requirements under §42
(iv) the person to whom the Issuer or the Owner delegates responsibility for ensuring that the Project continues to meet the requirements applicable to TE Bond Projects.
If your properties did not experience any damage, please respond via e-mail advising us accordingly and provide the number vacancies available to house displaced residents.
If you should have any questions, please feel free to contact us at Compliancelhc@lhc.la.gov.
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