“This is a difficult time for neighbors in the path of Hurricane Irma,” said THDA executive director Ralph M. Perrey. “If hurricane victims have arrived in Tennessee, a short-term housing lease might be what they need.”
Typically, rental properties built or renovated with the help of federal housing tax credits under the LIHTC program must restrict the lease of some or all units to households of low income.
However, THDA and the IRS have announced they will waive the income restrictions if the prospective tenant was displaced by Hurricane Irma from one of the 16 counties in Florida declared federal disaster areas. The waiver maintains the rent restrictions for displaced households, protecting these tenants during this vulnerable time and rent restriction compliance will be strictly monitored by THDA and the IRS. Adjustments to the eligible counties could change. The link to the FEMA disaster declaration information can be found at fema.gov/disaster/4337.
Displaced households from Hurricane Irma looking for short-term or long-term housing in Tennessee can find vacancies at LIHTC properties and other rental options by visiting tnhousingsearch.com, a free resource managed by THDA to help families find affordable housing.
The 16 Florida counties first announced in the declaration are Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and St. Johns.
LIHTC was established under President Ronald Reagan as an incentive to private developers to build and maintain affordable housing. As the state’s housing finance agency, THDA administers the LIHTC program in Tennessee, which are used to finance construction or rehabilitation of more than 61,000 units.