Written by Glenn Graff of Applegate & Thorne-Thomsen, Jill Goldstein of Kutak Rock LLP, Forrest Milder of Nixon Peabody LLP, Brad Tomitshen of Tomitshen Aoun PLLC, and Sue Wilson of Enterprise Community Partners to Dillon J Taylor, U.S. Department of the Treasury. Published in the American Bar Association Journal of Affordable Housing and Community Development Law. 20 Journal of Affordable Housing 361 (2021).
Click HERE to download the entire Average Income Set-Aside Comment Letter.
On December 28, 2020 a comment letter was sent to the IRS and Treasury in response to the IRS issuance of proposed regulations on the Average Income minimum set-aside. The proposed regulation has created unanticipated issues and may make the Average Income set-aside less useful than was hoped. The letter was prepared by members of the leadership of the Tax Credit and Equity Financing Committee of the American Bar Association's Forum on Affordable Housing and Community Development Law. We hope that the letter will help assist the IRS in modifying the proposed regulation to be more workable.