The Internal Revenue Service issued two notices on Friday to provide bond-related emergency housing relief for victims of the severe storms and tornadoes that occurred in Oklahoma between May 18 and May 27.
One notice would suspend certain requirements for qualified residential rental projects financed with exempt facility bonds.
The other would suspend certain requirements for projects using low-income housing tax credits.
The notices were effective as of May 20, the day President Obama issued a major disaster declaration for Oklahoma after tornadoes with winds up to 200 miles per hour swept through the state, killing 24 and resulting in the loss of about 13,000 homes, at an estimated $2 billion cost.
The IRS is hoping the suspended restrictions will allow governments to temporarily house those whose homes were leveled or significantly damaged.