The much-anticipated average income regulations have cleared the Treasury Department and are now under review by the White House Office of Information and Regulatory Affairs (OIRA). OIRA reviews can take up to 90 days and there is no minimum period for a review.

The White House’s Housing Supply Action Plan stated, “By the end of September, Treasury will finalize regulations to provide needed guidance to developers using LIHTC equity to build multifamily housing that is rented to tenants across a wider income spectrum.”