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
Please send questions, comments, and suggestions regarding the Income-Averaging Draft Policy to:
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.
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:
- Discuss the new Income-Averaging provision;
- Review MHDC’s proposed draft policy regarding Income-Averaging;
- Address a summary of questions and comments received prior to the webinar; and
- 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.