Resources for Property Managers/Owners
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www.HousingInIowa.org This web site is an excellent resource for rental housing opportunities around Iowa, including many that offer affordable units. Property managers are encouraged to visit the site and list units for rent. An extensive statewide marketing and communications plan is currently in place, prompting thousands of Iowans to use this site to find affordable and market-rate rental units in Iowa. |
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Internal Revenue Bulletin: 2007-31 As a result of recent severe storms and flooding in the state of Iowa, the president has declared several Iowa counties eligible for Federal Disaster Relief including Individual Assistance. Under Internal Revenue Bulletin: 2007-31, Rev Proc. 2007-54, Individuals displaced from these counties as a result of this disaster are eligible to be housed in LIHTC properties under certain circumstances. Read more. |
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IRS Notice 2008-58 The Internal Revenue Service is suspending certain requirements under § 42 of the Internal Revenue Code for low-income housing credit projects in the United States to provide emergency housing relief needed as a result of the devastation caused by severe storms, tornadoes, and flooding in Iowa beginning on May 25, 2008. This relief is being granted pursuant to the Service’s authority under § 42(n) and § 1.42-13(a) of the Income Tax Regulations. Read More. |
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Section 42 Temporary Relief The Internal Revenue Service provides administrative, procedural and miscellaneous temporary relief from certain Section 42 requirements for owners of low-income housing buildings in major disaster areas declared by the President. This relief is provided in Revenue Procedure 2007-54. Projects located in counties, designated by FEMA for individual assistance and/or public assistance, are potentially eligible for this relief. Iowa Finance Authority intends to evaluate each project on a case-by-case basis and the decision to allow relief will be heavily influenced by the impact that the major disaster has had on the location of the property relative to flooding or tornado damage areas. Other extenuating situations will also be considered. Owners should submit requests for consideration to IFA when the extent of damages has been discerned and impact on the project estimated, but no later than September 1, 2008. Read More. Request to Receive Temporary Relief from Certain Requirements of Section 42 |
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