SECTION 5. DEFINITIONS — Internal Revenue Bulletin 2014-37

The following definitions apply for this revenue procedure.

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

.02 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.

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).

Bulletin No. 2014–37 535 September 8, 2014

.03 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 .

.04 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.

.05 Market-Rate Unit . A Market-Rate Unit is a unit that is not a low-income unit under § 42(i)(3).

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

.07 Project . A Project is a project that is subject to low-income requirements under § 42.

.08 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 Agency under section 12.02 of this revenue procedure.