Missouri Hosts Webinar on Income Averaging Proposal, Comments Due Aug. 22

Missouri has posted a draft policy addressing the new income averaging minimum set-aside.

Requirements of the policy include:

  • ownership entity must elect that all buildings in the applicant’s development are “part of a multiple building project” on IRS Form 8609.
  • Submission of statements from every non-MHDC funding source acknowledging the intent to operate the development under the AI minimum set-aside.
  • Submit a statement from the proposed management company, acknowledging the intent to operate the development under the income averaging set-aside
  • Acknowledge that if a development: 1) contains market units (above 80% AMI); and 2) intends to operate the development under the AI set-aside, the development must submit a legal opinion letter before firm commitment that the proposed unit mix is in compliance with the Code
  • The market study submitted with the application must affirmatively support the operation of the development under the AI minimum set-aside

Questions/Comments/Suggestions:
Please send questions, comments, and suggestions regarding the Income-Averaging Draft Policy to:

comments@mhdc.com

MHDC will solicit comments on the Income-Averaging Draft Policy until Wednesday, August 22, 2018.

Comments received on or before Friday, August 10, 2018 may be discussed during the webinar.

Webinar:

MHDC staff will be hosting a webinar for interested parties to discuss MHDC’s proposed draft policy regarding Income-Averaging. Income-Averaging is a new minimum set-aside election option for federal Low-Income Housing Tax Credit (LIHTC) developments.

The purpose of this webinar is to:

  1. Discuss the new Income-Averaging provision;
  2. Review MHDC’s proposed draft policy regarding Income-Averaging;
  3. Address a summary of questions and comments received prior to the webinar; and
  4. Solicit any additional comments, questions, or suggestions.

Participants of the webinar will be in listen-only mode, but we will take questions during the webinar using the “Questions” tool within the GoToMeeting.

To attend Webinar:

Date:                     Wednesday, August 15, 2018

Time:                   10:00 AM, Central Daylight Time

 

GoToWebinar Registration:  https://attendee.gotowebinar.com/register/4602821048613464321

  • Once you register, an individual link will be sent to the email that you used for registration.
  • There are some limitations to the number of attendees, please view with others in your organization when possible.
  • GoToWebinar can be accessed using any computer, tablet, or SmartPhone.