Rev. Proc. 2014-49 also provides emergency housing relief for individuals who

are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. See Rev. Proc. 2014-49, sections 12–14.

In the context of a Presidentially-declared Major Disaster, Rev. Proc. 201450 provides temporary relief from certain requirements under § 142(d) for qualified residential rental projects financed with exempt facility bonds issued by State and local governments under § 142. Rev. Proc. 2014-50 also provides emergency housing relief for individuals who are displaced by a Major Disaster from their principal residences in certain Major Disaster Areas. See Rev. Proc. 2014-50, sections 5–7.

III. NOTICE 2020-23 AND RELIEF UNDER SECTION 42

On April 9, 2020, the Department of the Treasury and the Internal Revenue Service issued Notice 2020-23, 2020-18 I.R.B.

1 See https://www.whitehouse.gov/wp-content/uploads/2020/03/LetterFromThePresident.pdf.

2 See https://www.fema.gov/coronavirus/disaster-declarations.

July 20, 2020 152 Bulletin No. 2020–30

742, which provided certain relief to affected taxpayers and postponed due dates until July 15, 2020, with respect to certain tax filings and payments, certain time-sensitive government actions, and all time-sensitive actions listed in Rev. Proc. 2018-58, 2018

50 I.R.B. 990 (Dec. 10, 2018), that were due to be performed on or after April 1, 2020, and before July 15, 2020. See Notice 2020-23 and Rev. Proc. 2018-58. Among the relief granted, Notice 2020-23 (referencing Rev. Proc. 2018-58) postponed until

July 15, 2020, the time to perform certain time-sensitive actions for purposes of § 42 that are due to be performed on or after April 1, 2020, and before July 15, 2020. These time-sensitive actions listed in Rev. Proc. 2018-58 include, among others:

Statute or Regulation Act Postponed § 42(h)(1)(E) and (F) The taxpayer’s basis in the building project, as of the date which is one year after the date that the allocation was made, must be more than 10 percent of the taxpayer’s reasonably expected basis in the project. § 42(e)(3)(A)(ii) The taxpayer has a 24-month measuring period in which the requisite amount of rehabilitation expenditures has to be incurred in order to qualify for treatment as a separate new building. § 1.42-5(c) The taxpayer must make certain certifcations at least annually to the Agency.