The Internal Revenue Service is
suspending certain requirements under § 42 of the Internal Revenue
Code for low-income housing credit projects to provide emergency
housing relief needed as a result of the devastation in New York
caused by either Hurricane Irene during the period of August 26,
2011 to September 5, 2011, or the remnants of Tropical Storm Lee
during the period of September 7, 2011 to September 11,
2011.
This notice is effective
August 31, 2011 (the date of the Presidents major disaster
declaration) for devastation caused by Hurricane Irene in
Pennsylvania during the period of August 26, 2011 to September 5,
2011. This notice is effective September 13, 2011 (the date of the
Presidents major disaster declaration) for devastation caused by
the remnants of Tropical Storm Lee in New York during the period of
September 7, 2011 to September 11, 2011. Displaced and homeless
individuals, property owners, and the New York State Homes and
Community Renewal Agency urgently need the guidance in this
notice.
US Code:
26 USC
42 Name of Law: Low income housing credit
This notice provides guidance
to the New York State Homes and Community Renewal Agency regarding
the suspension of certain income limitation requirements under
section 42 of the Internal Revenue Code for certain low-income
housing tax credit properties as a result of the devastation caused
by Hurricane Irene or the remnants of Tropical Storm Lee in New
York. It results in a net burden increase of 300 hours.
$0
No
No
No
No
No
Uncollected
David Selig 202
622-3040
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.