The U.S. Department of Homeland Security’s FEMA announced that federal emergency aid has been made available to the state of Alabama due to the emergency conditions in the area affected by Hurricane Michael beginning on October 10, 2018. To see a copy of the Emergency Declaration for Alabama view the link below.
The Internal Revenue Service allows owners of multifamily housing developments financed with AHFA-administered Housing Credits to extend the carryover 10-percent basis requirement and/or the placed-in-service date requirement due to a major disaster, subject to certain terms and conditions. To view the revenue procedure that provides temporary relief from certain requirements of Section 42 of the IRC for agencies and owners please review the link below.
To request temporary relief from certain requirements of Section 42 of the IRC, owners should submit the following application to AHFA: