Description
What you will Learn
The Internal Revenue Code now provides a third minimum set-aside election for developers of Low Income Housing Tax Credit properties. In addition to the 20-50 and 40-60 tests, this third set-aside option is called the Average Income Test. In this course, you will learn how to interpret the Average Income Test (AIT), how the test affects the definition of a qualified low-income unit, the computation of the Applicable Fraction, and how to apply the Next Available Unit Rule.
Audience
Owners, managers, onsite staff, and any other individuals involved with the Low Income Housing Tax Credit program.
Prerequisites
None
References
Novogradac & Company LLP
https://www.novoco.com/periodicals/articles/interpreting-average-income-test-part-1
AJ Johnson Consulting
https://ajjcs.net/paper/main/2018/04/13/additional-guidance-on-the-income-average-test/
Objectives
To gain a better understanding of the Average Income Test and learn how to maintain compliance for a property which is structured under this set-aside election.
Certificate
By completing/passing this course, you will attain the certificate Compliance Cert
Learning Credits
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