IRS, HUD Grant Texans Relief After Disaster Declaration
In response to the toll this month’s winter storms have taken on Texas and other states, the Internal Revenue Service (IRS) has extended many tax filing deadlines to June 15, 2021.
Separately, the U.S. Department of Housing and Urban Development announced its own relief for mortgages insured by the Federal Housing Administration (FHA) for those living in areas affected by the severe winter storm. Specifically, HUD has declared a 90-day moratorium on foreclosures of FHA-insured home mortgages. HUD said that it will extend mortgage insurance to home owners whose properties have been destroyed. The mortgage insurance expansion can be used to purchase a new home or renovate a damaged one.
The IRS relief will automatically go to any taxpayer who resides or has a business within a federally declared disaster area.