Emergency housing relief for a bond project requires the bond issuer's written approval, separately from any allocating agency approval

bond.casualty_and_repair.disaster_housing_relief_requires_issuer_approval · v1.0.0

Rev. Proc. 2014-50 lets an operator house individuals displaced by a Presidentially declared major disaster without failing section 142(d), but only on conditions. The bond ISSUER must give written approval to the operator and must specify the date the temporary housing period ends, and that period cannot exceed 12 months from the end of the month in which the President declared the disaster. Issuer approval is required even where the project is also subject to section 42 and has already been approved by the housing credit agency under Rev. Proc. 2014-49, and where both apply the issuer must adopt the same temporary housing period the agency adopted. No existing resident who is, or is treated as, at or below an applicable income limit may be evicted or have occupancy terminated to make room for a displaced individual. Where relief is used, the project meets all other requirements of sections 142(d) and 103 except as the revenue procedure expressly provides.

Confidence

high

Effective from

2014-08-21

Last reviewed

2026-08-30