Michigan has recently released a memo identifying the new 9% credit amounts for the April 2 funding round to reflect the 12.5% increase in LIHTCs as a result of the Omnibus legislation.
The memo also discusses the new income averaging test owners may elect to use over the 20-50 and 40-60 tests. Michigan is researching this issue and invites interested stakeholders with any suggestions on its use or questions about how it may be able to benefit their project to contact Chad Benson at (517) 373-3433 or [email protected].
