MIL-2008-40, July 2, 2008

WASHINGTON — The Internal Revenue Service announced that it will waive certain limitations for the low-income housing tax credit in Wisconsin so that owners of facilities in these states can provide housing to victims of recent storms and flooding.

The IRS will continue to monitor closely the housing situation in other states affected by the recent flooding and is prepared to act quickly as circumstances warrant. Similar relief already has been granted to victims in Indiana and Iowa.

Because of the widespread devastation to housing caused by storms and flooding, the IRS will temporarily suspend certain limitations for qualified low-income housing projects located anywhere in the state of Wisconsin. Today’s action will expand the availability of housing for disaster victims and their families.

A formal notice detailing this relief recently was issued.

Related Link: Notice 2008-61