IRS Floats Rule Allowing Housing Credits For Poorer Tenants

Law360 (October 29, 2020, 8:09 PM EDT) -- Affordable housing properties developed using the low-income housing tax credit would be available to poorer residents under a modified income averaging system outlined in proposed guidance released Thursday by the Internal Revenue Service.

The IRS issued proposed guidance Thursday that would help developers qualify for a low-income tax credit. (AP Photo/Patrick Semansky) Under the proposed rules, the IRS said developers could qualify for the credit, even if they charge higher rents to tenants with incomes up to 80% of area median income as long as the average limit in the development is no more than 60% of average median income. Rent restrictions...

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