Understanding the Section 42/LIHTC Average Income Test

The Average Income Test (AIT) offers LIHTC properties greater flexibility in serving mixed-income households, including families with incomes above 60% of Area Median Income (AMI).

On October 12, 2022, the IRS published final and temporary regulations addressing this new minimum set-aside option. In this session, we will explore how the Average Income Test works and how it differs from the traditional 20% at 50% AMI and 40% at 60% AMI minimum set-aside options.

Participants will learn how to calculate the Average Income Test set-aside, understand how the applicable fraction applies when this option is elected, and review the latest information from state agencies in their region regarding Average Income Set-Aside requirements.

Key Topics Covered:

• IRS final and temporary regulations for the Average Income Test.
• Differences between the Average Income Test and traditional LIHTC minimum set-aside options.
• How to calculate the Average Income Test set-aside.
• Understanding the applicable fraction under the Average Income Test.
• Latest state-specific requirements and guidance.

Who Should Attend?

This session is designed for LIHTC property owners, developers, asset managers, property managers, compliance officers, housing professionals, and anyone involved in the administration, monitoring, or compliance of Section 42 affordable housing properties.

Join us for this practical overview of the Average Income Test and gain a clearer understanding of its requirements, calculations, and state-level implementation considerations.

Speaker(s)

Gwen Volk

Gwen Volk has worked in the affordable housing industry since 1983. She has been president and CEO of a Midwest property management company and chief compliance officer over a Dallas firm’s national portfolio. She has a Master’s degree in Business and is a Certified Property Manager through the Institute of Real Estate Management. Gwen holds certifications as a National Affordable Housing Professional – Executive Level, Specialist in Housing Credit Management, Housing Credit Certified Professional, Certified Professional of Occupancy, and in Fair Housing Compliance and has been a servant leader in the AHMAs, NAHMA and IREM throughout her career. Gwen is a nationally recognized expert in the tax credit, bond, HOME, and Section 8 programs and enjoys helping agents, owners, and managers make sense of it all.

Unlimited Webinars

Access Unlimited Webinars

SUBSCRIBE NOW

Why You Should Subscribe?

Unlimited Live and On-Demand Courses

Watch all live or recorded webinars (up to 120 minutes long). Get instant access to a library of more than 500 high quality courses presented by best-in-class presenters.

CEUs: PAYROLLORG, CPE, SHRM and HRCI Credits

Fulfil your recertification requirements by earning CEUs from PAYROLLORG, CPE, SHRM and HRCI.

Free Access to Course Materials

Each program comes with Additional Course Materials, which you can download and read anytime.

Additional Discounts

Get flat 20% discount on Premium Product Category like, Long Hour Webinars.

SUBSCRIBE NOW

Call Now At

888-527-3477

Email Us At

help@complianceprime.com