Housing for Displaced Individuals Due to Severe Winter Storm, Straight-line Winds, and Flooding Disasters

Housing for Displaced Individuals Due to Severe Winter Storm, Straight-line Winds, and Flooding Disasters

Current rates

Program
Name
Conventional
Loan Rate
Government
Loan Rate
Military Home N/A 5.375%*
First Home Targeted 5.875%* 5.375%*
First Home 6.125%* 5.625%*
Homebuyer Assistance (HBA) 6.375%* - 1st loan
1.000%* - 2nd loan
5.875%* - 1st loan
1.000%* - 2nd loan
Welcome Home++ 6.875%* 6.375%*
Welcome Home Assistance (WHA)++ 7.125%* - 1st loan
1.000%* - 2nd loan
6.625%* - 1st loan
1.000%* - 2nd loan

Last changed 03/25/2024 at 9:00 a.m
*This is not an advertisement for credit as defined in Reg.Z; contact a participating NIFA lender for Annual Percentage Rate (APR) information. Rates are subject to change without prior notice. 

++An origination fee up to 0.50% of the loan amount may be charged by Lender.

Investor Natural Disasters Renter Residential Developer/Property Manager Home / About

Housing for Displaced Individuals Due to Severe Winter Storm, Straight-line Winds, and Flooding Disasters

Notice to § 42 Development Owners
Housing for Displaced Individuals Due to Severe Winter Storm, Straight-line Winds, and Flooding Disasters

This NIFA Notice applies to Displaced Individuals as described below and to all § 42 buildings (including buildings financed with exempt facility bonds pursuant to § 142 of the Code) currently in the NIFA Low Income Housing Tax Credit (“LIHTC”) Program.

On March 21, 2019, President Trump issued a Major Disaster Declaration (“Presidential Declaration”) for Nebraska.  As of March 21, 2019, the Federal Emergency Management Agency (FEMA) designated 27 Nebraska counties and the Santee Sioux Reservation as areas eligible for individual assistance from the federal government.  In addition, on March 23, 2019, a Presidential Declaration was issued for Iowa.  FEMA has designed 5 Iowa counties as major disaster areas eligible for individual assistance.   

Internal Revenue Procedure 2014-49 (“Rev. Proc. 2014-49”), provides temporary relief from certain requirements of § 42 of the Internal Revenue Code of 1986 (the “Code”), together with the ability for owners of § 42 LIHTC properties to offer Displaced Individuals (described below) emergency temporary housing in LIHTC properties.  Specifically, with respect to those individuals (“Displaced Individuals”) displaced from their principal residences by the disaster (which residences are or were located in the Nebraska and Iowa counties approved for Individual Assistance by FEMA), temporary relief from the § 42 income requirements is authorized and such Displaced Individuals need not qualify as low-income households.  

See the list of eligible counties here: 

Nebraska: https://www.fema.gov/disaster/4420.

Iowa: https://www.fema.gov/disaster/4421

NOTE:  Only Displaced Individuals from those counties eligible for Individual Assistance from FEMA are subject to this Notice.

Owners of LIHTC properties who wish to provide temporary emergency housing to Displaced Individuals must receive written approval from NIFA.  For approval, an owner must complete and submit the Owner Request to Provide Emergency Housing form that is posted on NIFA's website.

Unless the written policies and procedures with respect to a specific § 42 project provide a preference for households displaced by presidentially declared disasters, the owner may not skip over households on your waiting list to provide emergency housing. Likewise, existing households may not be displaced in order to provide emergency housing to Displaced Individuals.

Owners that are approved to provide emergency housing must use the required forms for each Displaced Individual (or household). The following forms are posted on NIFA’s website: Affidavit of Displacement, Temporary Housing Lease Addendum, and Temporary Housing Self-Certification of Income.

Note:  Units leased as emergency housing are subject to the applicable LIHTC program rent limits.  Rev. Proc. 2014-49 permits units to be used on a transient basis and relieves the owner and Displaced Individual from providing evidence of income eligibility.

The emergency relief period specified in this Notice ends on March 31, 2020. After this date, Displaced Individuals that are unable to document income eligibility in accordance with the LIHTC Program may not occupy LIHTC units.

To help our neighbors who have been displaced by flooding, please consider logging-in to the free resource http://housing.ne.gov.  On this site, you can add or update your rental listing, so that people who may be displaced can contact you about available units. 

Please review Rev. Proc. 2014-49 carefully and in its entirety to avoid noncompliance issues. If you have any questions, contact NIFA’s Compliance staff at txcr.multifamily@nifa.org.

*This waiver of restrictions applies to the LIHTC and § 142 bond financing rules only.  Developments financed with HOME, CDBG or other funds should contact the appropriate agency with respect to continuing requirements. 

 

                                                                                                            Updated on April 11, 2019