Governor Perdue Announces Approval of IRS Housing Waiver
| Friday, September 16, 2005 |
Contact: Office of Communications 404-651-7774
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Approximately 7,000 Affordable Rental Units Now Available for Katrina Evacuees
ATLANTA – The Treasury Department and the Internal Revenue Service (IRS) have approved Governor Perdue's September 1, 2005, waiver request to temporarily suspend two key requirements of its Housing Tax Credit Program – income restrictions and the prohibition of transient housing.
“The decision by the Treasury Department and the IRS is good news for Hurricane Katrina evacuees that have relocated to Georgia and are seeking more permanent and affordable housing arrangements. We extend thanks to Secretary Snow for his department's timely response to this critical issue,” said Governor Sonny Perdue.
The temporary IRS waiver of these requirements immediately expands the quantity of units available to Hurricane Katrina evacuees. Property owners statewide that have accessed Georgia 's low-income tax credits can now make affordable rental housing available to some of our state's newest residents without the typical income and residency verification requirements.
The Georgia Department of Community Affairs (DCA) estimates that the waiver could make approximately 7,000 privately-owned, affordable rental housing units across Georgia available to households who evacuated their homes as a result of Hurricane Katrina. Approximately 4,000 of these units are located in the metropolitan Atlanta area.
The Housing Tax Credit Program allocates federal and state tax credits to owners of qualified rental properties who reserve all or a portion of their units for occupancy for low and moderate income tenants. Typically, units in these properties are rented to individuals or families with household incomes at or below 60 percent of the Area Median Income. DCA estimates that there are currently more than 600 affordable, tax credit properties throughout Georgia .
For additional information regarding Georgia 's tax credit rental properties, please visit DCA's Rental Access Network at www.dca.state.ga.us/rentalaccessnetwork .