The National Multifamily Housing Council joined 31 other commercial real estate trade groups, CRE businesses, professional firms, and others in a letter that urges the IRS and U.S. Treasury to issue a final rule Housing Credit Average Income Test (AIT) minimum set-aside.
The groups either want the final rule to incorporate "consensus modifications" the groups have offered or to announce a new proposed rule that would allow another period of public comment.
In 2018, Congress made changes to the low-income housing tax credit (LIHTC), including an income averaging occupancy set-aside. The previous standard included two set-aside tests, one of which property owners had to meet.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
