5/6/2014 Major Disaster Declaration – Florida Severe Storms, Tornadoes, Straight-line Winds, and Flooding
On May 6, 2014, the Federal Emergency Management Agency issued a Major Disaster Declaration for individuals affected by severe storms, tornadoes, straight-line winds and flooding from April 28 to May 6, 2014, in Escambia and Santa Rosa counties.
Revenue Procedure 2007-54 establishes a procedure for temporary relief from certain requirements of Section 42 of the Internal Revenue Code for owners of low-income housing buildings in major disaster areas, as declared by the President. Owners of Section 42 Housing Credit developments wishing to participate need to coordinate their efforts with Florida Housing Finance Corporation. Housing Credit developments that also participate in other programs administered by Florida Housing may participate but only to the extent that a development’s low-income requirement exceeds the income set-aside requirement of the other program.
For communities in the affected areas wanting to provide housing to displaced households, the owner must submit Form TH-01 – Request for Approval to Provide Temporary Housing (see web address for form below), executed by a person with legal signatory authority on behalf of the owner, to Florida Housing. All requests shall be submitted to the Asset Management and Compliance Dept., via e-mail to FHFCAssetMgt@floridahousing.org.
When your request has been approved by Florida Housing, the following rules are temporarily suspended for displaced households until September 3, 2014.
• Non-transient rule (i.e., short term leases are allowed);
• Available unit rule (i.e. a unit can be rented to a displaced household instead of being held for a low income household).
All other rules apply, including the rent restrictions. The displaced household shall execute Form TH-02 – Affidavit of Displacement (see web address for form below). September 3, 2014, if any displaced household remains at the community, they must be income qualified and meet all other requirements of the Housing Credit program.
For more information please review Forms TH-01 and TH-02 and FEMA-4177-DR and Revenue Procedure 2007-54 – Disaster Area Relief located on the Forms page of Florida Housing’s Property Owners & Managers webpage at: http://www.floridahousing.org/PropertyOwnersAndManagers/Forms/. FEMA updates and news releases are located on their disasters webpage at:http://www.fema.gov/disaster/4177. If you have questions, please contact the Asset Management and Compliance Dept. at FHFCAssetMgt@floridahousing.org or (850) 488-4197.
Approval by Florida Housing of the relief provided by IRS does not act to suspend or waive the income limitations or any other requirements or conditions of any program administered by a local housing finance authority or any other local jurisdiction. Temporary relief in connection with such programs must be independently obtained through the appropriate officials of such local housing finance authority or other local jurisdiction.