The President declared a Major Disaster for the State of Alabama on March 28, 2020, because of the COVID-19 Pandemic. As the incident is considered ongoing and an incident period end date has yet to be determined, the Internal Revenue Service allows owners of multifamily housing developments financed with AHFA-administered Housing Credits to extend the carryover 10-percent basis requirement for a period of no longer than six months or the placed-in-service date requirement due to a major disaster. Since this notice does not include an end date, you must consult with your legal and accounting representatives to determine if your development may potentially qualify under this declaration before submitting a request to AHFA.

Information regarding the AHFA Application for Temporary Relief in a Major Disaster Area is available on the AHFA website. Questions and application submissions should be directed to ahfa.mf.application@ahfa.com.