IRS Waives Low-Income Housing Limits for Colorado Disaster Victims
When natural disaster strikes, the IRS strikes back with letting regulations slide. The landslides, severe storms, and flash floods that wracked the Colorado landscape in mid-September destroyed at least 1,500 houses and damaged 17,500 more. That left a lot of people with no place to call home.
It’d be plain silly to make someone who just waded through mud and muck wade through rules and paperwork for a warm bed. Accordingly, the IRS suspended certain limitations for projects financed with low-income housing tax credits or exempt facility bonds. In other words, any Colorado disaster victim, regardless of income, can temporarily stay in one of these residential rental projects. And not just in the immediate area – operators of these facilities anywhere in the nation can provide shelter for the storm victims.
And FEMA also didn’t give victims a rain check on relief. FEMA approved a third extension to the Transitional Sheltering Assistance (TSA) program. The TSA pays for eligible flood evacuees to stay in participating hotels and motels, with FEMA and the state picking up the bill. Victims whose homes are still uninhabitable or without utilities will continue to have a safe place to stay until November 17, replete with sticky remote and lumpy pillows. Let’s give these federal agencies a round of applause for giving the disaster victims one less thing to worry about. And if you want to lend a helping hand, then check out http://helpcoloradonow.com/.
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