California Publishes Final Draft for Income Averaging

CTCAC has published a final version of its draft proposal regarding income averaging. The policy is up for review at the May 16 committee meeting. 

The draft proposes that only projects with a tax credit reservation prior to, or an application pending as of March 26, 2018 may apply for a revision in income targeting. Furthermore, this measure may only be taken to accommodate pre-existing over-income tenants and requests are granted at the discretion of the Executive Director.