Apr

    Average Income Test in LIHTC Projects: Recent IRS Regulations, Updates & Implications [CC]

    1 PM EDT

    On October 30, 2020, the IRS published in the Federal Register proposed regulations on the LIHTC Average Income Test (AIT) minimum set-aside for public comment. The regulations, which are not yet finalized, would provide guidance on implementation of the AIT.

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    The AIT allows LIHTC project owners to rent units to tenants earning up to 80 percent of AMI, so long as the income designations of the units average no more than 60 percent of AMI. Many industry stakeholders provided comments to the IRS within the 60 day comment window. The IRS held a public hearing on March 24, 2021. Our panelists were each involved in commenting on and/or participating in the IRS public hearing on the Proposed Regulations. Please join us for an overview of the Proposed Regulations, a summary of the comments presented, observations on the IRS public hearing and next steps. The session will include an opportunity for Q&A with the panelists.

    Event Details

    Duration

    90

    Format

    Web

    Date

    Apr 28, 2021

    2021-04-28T13:00:00-04:00 2021-04-28T14:30:00-04:00 Average Income Test in LIHTC Projects: Recent IRS Regulations, Updates & Implications [CC]

    On October 30, 2020, the IRS published in the Federal Register proposed regulations on the LIHTC Average Income Test (AIT) minimum set-aside for public comment. The regulations, which are not yet finalized, would provide guidance on implementation of the AIT.

    Speakers

    Emily Cadik

    Affordable Housing Tax Credit Coalition

    Glenn Graff

    Applegate & Thorne-Thomsen

    Mark Shelburne

    Novogradac & Company LLP

    Sponsors

    Forum on Affordable Housing and Community Development

    MCLE Information

    The ABA will seek 1.50 general CLE credit hours in 60-minute-hour states, and 1.80 general CLE credit hours in 50-minute states. Credit hours are estimated and are subject to each state’s approval and credit rounding rules.

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