The Internal Revenue Service has released the below-attached Revenue Procedure 2007-54 which establishes a procedure for temporary relief from certain Housing Credit program requirements for owners of Housing Credit properties and state allocating agencies located in major disaster areas as declared under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.
Revenue Procedure 2007-54 applies to any major disaster declaration made after July 2, 2007. Some provisions included in Rev. Proc. 2007-54 are similar to provisions found in the previous Revenue Procedure 95-28 however, Rev. Proc. 2007-54 supersedes that previous version.
Revenue Procedure 2007-54 provides relief and guidance in several areas including:
- Relief for Carryover Allocations
- Recapture Relief
- Compliance Monitoring Relief
- Guidance for Buildings in the First Year of the Credit Period
- Guidance on the Amount of Credit Allowable to Restored Buildings
- Emergency Housing Relief
Revenue Procedure 2007-54 is scheduled to be published in the July 30, 2007 Internal Revenue Bulletin.