The Texas Department of Housing and Community Affairs (TDHCA) reminds all owners that TDHCA’s rules require notification of a casualty loss within 30 days of the event. To date, only 51 properties have been reported as damaged by Winter Storm Uri. If your multifamily rental property sustained damage from the storm, please complete the “Notice of Property Damage from Texas Severe Winter Storms” form, which can be found on TDHCA’s website at http://www.tdhca.state.tx.us/pmcomp/casualty-loss/disaster-loss.htm. Please upload the completed form to your Compliance Monitoring and Tracking system (CMTS) account to the attention of Cherie Shearfield at https://www.tdhca.state.tx.us/comp_reporting.htm.
Revenue Procedure 2014-49 provides relief to Housing Tax Credit (HTC) properties impacted by presidentially-declared disasters from carryover through the compliance period. Under 2014-49, Owners are allowed to continue claiming credits on buildings affected by a presidentially-declared disaster provided that the development is fully repaired within the IRS’s timeline for restoration. To determine the credit amount during the restoration period, Owners should use the building’s qualified basis as of the end of the year preceding the disaster. Casualty loss from presidentially-declared disasters is not reported to the IRS on forms 8823. The Revenue Procedure is on TDHCA’s website at http://www.tdhca.state.tx.us/pmcomp/casualty-loss/declared-disaster.htm.
TDHCA urges all owners to update their Unit Status Report so that organizations assisting persons affected by the winter storm have accurate and reliable information about the Department’s inventory.
If you are an HTC property and willing to provide emergency housing for displaced individuals, please complete this form at https://www.tdhca.state.tx.us/pmcomp/casualty-loss/emergency-housing.htm and upload it to your CMTS account at https://www.tdhca.state.tx.us/comp_reporting.htm.
If you are in need of any other assistance related to Casualty Loss from Winter Storm Uri, please contact TDHCA Senior Inspection Specialist Cherie Shearfield at 512-475-3695 or at firstname.lastname@example.org.