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Oklahoma Governor Seeks Suspension of Low-Income Housing Tax Credit Provisions

MAY 23, 2013

Oklahoma Governor Seeks Suspension of Low-Income Housing Tax Credit Provisions

DATED MAY 23, 2013
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May 23, 2013

 

 

Mr. Jack Lew

 

United States Department of Treasury

 

1500 Pennsylvania Avenue, NW

 

Washington, DC 20220

 

RE: Relief from Certain Low-Income Housing Credit Requirements due to Tornadoes in Oklahoma

 

Dear Mr. Lew:

Due to recent severe tornadoes, five (5) counties have received a Presidential declaration as a major disaster under the authority of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. §§ 5121-5206 (the Stafford Act).

On behalf of the State of Oklahoma, I request the below relief from requirements for the Low Income Housing Tax Credit Program. This relief is similar to what was provided following Hurricanes Katrina and Rita. Specifically, I request the following:

 

1. Suspension of Income Limitations -- Temporarily suspend certain income limitation requirements under Section 42 for certain qualified low-income Developments. The suspension will apply to low-income housing developments approved by Oklahoma Housing Finance Agency (OHFA), in which vacant units are rented to displaced individuals. OHFA will determine the appropriate period of temporary housing for each development, not to exceed twelve (12) months.

2. Status of Units -- Allow temporary housing of displaced individuals in low-income units without causing the Owners to lose low-income housing credits.

3. Extension of Temporary Tenancy -- Revenue Procedure 2007-54 allows an Owner to rent to a displaced low-income individual, who self-certifies income, for four (4) months prior to submitting all required documentation to support the tenant's qualified low-income status. I ask that this temporary tenancy period be extended from four (4) months to twelve (12) months.

 

Any other relief available from Program requirements for disasters, I also request at this time.

Easing the Housing Credit Program's limitations to make these units available to storm victims of all levels will go far toward helping our State's affected citizens rebuild their lives.

I appreciate your consideration for this urgent request and look forward to receiving notice of your approval as soon as possible.

Sincerely,

 

 

Mary Fallin

 

Governor

 

Oklahoma City, OK
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