SECTION 4. DEFINITIONS

The following definitions apply for this revenue procedure.

.01 Agency . With respect to a Bond/ LIHTC Project, the Agency is the governmental housing credit agency that has jurisdiction over the Project.

.02 Bond Project . A Bond Project is a Project that is not subject to the lowincome housing credit requirements under § 42.

.03 Bond/LIHTC Project . A Bond/ LIHTC Project is a Project that is also subject to the low-income housing credit requirements under § 42.

.04 Displaced Individual. A Displaced Individual is an individual who is displaced from his or her principal residence as a result of a Major Disaster and whose principal residence was located in a Major Disaster Area designated as eligible for Individual Assistance by FEMA.

.05 Issuer . The Issuer is the entity that issued tax-exempt, exempt facility bonds for a Project under §§ 142(d) and 103.

.06 Low-Income Individual . A LowIncome Individual is an individual whose income either is at or below the applicable income limit or is treated as at or below the applicable income limit under § 142(d)(3)(B).

.07 Major Disaster . A Major Disaster is an event for which the President has declared a major disaster under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, 42 U.S.C. 5121 et seq .

1FEMA generally publishes this designation in a notice in the Federal Register.

2For relief under § 42, see e.g., Notice 2012–7, 2012–4 I.R.B. 308 (flooding in Iowa); Notice 2012–68, 2012–48 I.R.B. 574 (Hurricane Sandy); Notice 2013–40, 2013–25 I.R.B. 1254, and Notice 2013–47, 2013–31 I.R.B. 120 (severe storms and tornadoes in Oklahoma); and Notice 2013–64, 2013–44 I.R.B. 438 (weather-related disasters in Colorado). For relief under § 142(d), see Notice 2013–9, 2013–9 I.R.B. 529 (Hurricane Sandy); Notice 2013–39, 2013–25 I.R.B. 1252, and Notice 2013–47(severe storms and tornadoes in Oklahoma); and Notice 2013–63, 2013–44 I.R.B. 436 (weather-related disasters in Colorado).

September 8, 2014 540 Bulletin No. 2014–37

.08 Major Disaster Area . A Major Disaster Area is any city, county, or other local jurisdiction for which a Major Disaster has been declared by the President and which has been designated by FEMA as eligible for Individual Assistance, Public Assistance, or both.

.09 Market-Rate Unit . A Market-Rate Unit is a unit occupied by an individual that is not a Low-Income Individual.

.10 Operator . The Operator of a Project is the person to whom the Issuer or Owner delegates responsibility for ensuring that the Project continues to meet the requirements applicable to qualified residential rental projects under §§ 142(d) and 103. (That person may be, but does not have to be, the Owner.)

.11 Owner . An Owner is the owner of a Project.

.12 Project . A Project is a qualified residential rental project that is financed with exempt facility bonds under § 142(d), whether or not it is also subject to the low-income housing credit requirements under § 42.

.13 Temporary Housing Period . A Temporary Housing Period is the period, if any, beginning on the first day of the incident period, as determined by FEMA, and ending on the date determined by the Issuer under section 5.02 of this revenue procedure.