The Internal Revenue Service is providing temporary relief for victims of Hurricane Sandy by suspending certain requirements for bond-financed qualified residential rental projects that are used to provide emergency housing for displaced persons.

This is the first time the IRS is relaxing rules on bond-financed residential rental projects that were affected by a federally declared natural disaster area. Typically the IRS has been lenient with providing relief for low-income housing tax credit projects but not for projects financed with tax-exempt bonds, a bond lawyer said.

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