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Average Income Test in LIHTC Projects: Recent IRS Regulations, Updates & Implications


Level: Advanced
Runtime: 89 minutes
Recorded Date: April 28, 2021
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Agenda

  • Designations
  • New "Cliff" Risk
  • Inconsistency
  • Mitigation Opportunities in the Regulation
  • Structuring Considerations
  • Suggestions Made by Industry at Hearing
  • Average Income Examples
Runtime: 1 hour, 29 minutes
Recorded: April 28, 2021

Description

The AIT allows LIHTC project owners to rent units to tenants earning up to 80 percent of AMI, so long as the income designations of the units average no more than 60 percent of AMI. Many industry stakeholders provided comments to the IRS within the 60 day comment window. The IRS held a public hearing on March 24, 2021. Our panelists were each involved in commenting on and/or participating in the IRS public hearing on the Proposed Regulations. Please join us for an overview of the Proposed Regulations, a summary of the comments presented, observations on the IRS public hearing and next steps.

This program was recorded on April 28th, 2021.

Provided By

American Bar Association

Panelists

Mark Shelburne

Senior Manager, Housing Policy
Novogradac & Company

Mark Shelburne is a housing policy consultant with Novogradac. He is based in Raleigh, N.C., and works nationally. His work includes consulting with state agencies, local governments, equity providers, lenders, attorneys and developers on topics including allocation, compliance, HOME, revitalization, supportive housing and tax-exempt bonds.

Mr. Shelburne is widely regarded as a top expert on these topics and frequently presents on them to statewide and national audiences. He also develops educational/training material and writes for various publications. Shelburne previously served as director of the Office of Housing Finance and Development at the Georgia Department of Community Affairs, counsel and policy coordinator at the North Carolina Housing Finance Agency and as a housing policy consultant for Novogradac. In these three capacities, Shelburne has revised and/or implemented 32 qualified allocation plans in 14 states, testified before Congress, provided resources to create more than 25,000 affordable rental homes, and led work resulting in four national awards.

Before that, Mr. Shelburne was the general counsel of a LIHTC equity investor and an attorney in private practice. He has degrees in law, planning, and public policy from the University at North Carolina at Chapel Hill.

Jen Brewerton

Vice President, Compliance
Dominium

Jen Brewerton is the Vice President of Compliance at Dominium. Prior to joining Dominium, Jen was the Director of Affordable Housing Compliance and Consulting Services at Capstone Real Estate Services.

Jen earned her BA in Social Work Administration & Planning at the University of Texas at Austin.

Glenn Graff

Attorney
Applegate & Thorne-Thomsen Attorney at Law

Glenn Graff joined Applegate & Thorne-Thomsen in 2001. He is the chair of the Firm’s Tax Group and concentrate my practice on the following areas: the development of real estate with the low-income housing tax credit, the historic rehabilitation tax credit, the investment tax credit for renewable energy property, as well as the Illinois affordable housing tax credit; the taxation of partnerships and LLCs; and the taxation of not-for-profit organizations. Glenn represents syndicators, developers, investors, lenders and nonprofit organizations in structuring tax-advantaged transactions. Glenn has was an expert witness relating to tax credit transactions. He has represented clients in tax disputes before the IRS, the United States Tax Court and local tax authorities, with an emphasis on valuation issues.

Emily Cadik

Executive Director
Affordable Housing Tax Credit Coalition

Emily Cadik is the Executive Director of the Affordable Housing Tax Credit Coalition (AHTCC), where she leads advocacy to support affordable rental housing financed using the Low-Income Housing Tax Credit (Housing Credit). Prior to joining the AHTCC, she was a Senior Director of Public Policy at Enterprise Community Partners, where she led policy and advocacy related to the Housing Credit and other affordable housing and community development issues. While at Enterprise she served on the board of the AHTCC, chairing the Legislative Committee, co-chairing the Marketing Committee, and serving on the Executive Committee since 2016. She also helped to lead the A Call To Invest in Our Neighborhoods (ACTION) Campaign, the nationwide coalition of more than 2,000 organizations and businesses advocating on behalf of the Housing Credit, and remains active in this nationwide advocacy effort. In 2017 she received the NHP Foundation’s inaugural Advocacy Award, and in 2016 was named one of Affordable Housing Finance’s Young Leaders.

Before joining Enterprise she was a Presidential Management Fellow at the U.S. Department of Housing and Urban Development, where she served as a program coordinator for the Moving to Work demonstration and in the Office of Intergovernmental Affairs. She earned a master’s degree in public policy from the Harvard Kennedy School of Government and a Bachelor of Arts degree from the University of Texas at Austin.


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