Treasury, IRS to Overlook Low-Income Housing Rules for Katrina Victims
WASHINGTON-The Treasury Department and Internal Revenue Service announced that in light of the homelessness caused by Hurricane Katrina, they will waive qualifications for low-income housing for those wishing to take in victims of Hurricane Katrina. Treasury and IRS said they will waive the rule that prohibits owners of low-income housing from providing housing to those who do not qualify as low-income for victims of Hurricane Katrina. The income limitation requirements and non-transient requirements are temporarily suspended for qualified low-income housing projects located anywhere in the United States. "The widespread damage caused by the hurricane left many thousands of Americans homeless," Treasury Secretary John Snow commented. "We hope that providing this disaster relief will allow states to temporarily house many of the needy whose homes were destroyed."