Housing Credit Disaster Relief Expanded for Puerto Rico

On February 9, the IRS issued Notice 2018-17 expanding the general disaster relief contained in Revenue Procedures 2014-49 and 2014-50 specifically providing  guidance on Housing Credit disaster relief for Puerto Rico. This notice includes specific provisions on emergency housing relief, compliance monitoring reviews, and carryover allocation deadlines. The expanded relief provided by the notice is limited to Puerto Rico for purposes of recovery from Hurricane Maria.

The Notice also solicits public comment on potential modifications to the 2014 guidance that would apply more broadly. The comment deadline is April 12.

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