June 26, 2018: What Do Advocates Need to Know About the New Income Averaging Rules for LIHTC Properties?
On May 23, 2018, Congress significantly changed the Low Income Housing Tax Credit (LIHTC) program by allowing for “income averaging” in developments. Through income averaging, a development may elect to have tax credit rents reach a higher income population than previously allowed in exchange for serving a greater number of lower income tenants. Income averaging has the potential to help our clients; however, the IRS has not yet provided guidance on it and therefore implementation has been left to the state housing finance allocating agencies.
NHLP, Regional Housing Legal Services, and Legal Aid Society of Southwest Ohio hosted a webinar on income-averaging. This webinar provides a basic understanding of income averaging and outline the significant issues that advocates should address with their respective state housing finance allocating agencies to ensure effective implementation.
Click here to view the training slides.
Click here to view the webinar recording.