Glenn Graff is quoted in How the Low-Income Tax Credit Regs Could Be More Flexible, written by Marie Sapirie, published by Tax Analysts in Tax Notes Federal, Volume 169, December 21, 2020. 

This article discusses the new IRS Proposed Regulations addressing the Average Income Set-Aside which was created by Congress in 2018. The Average Income Set-Aside allows low-income housing projects to designate some units to be rented to tenants at 70% and 80% of area median average income ("AMI") so long as the average of all designated units is not more than 60% of AMI. The Proposed Regulations have taken some unexpected approaches and has created concern in the affordable housing industry. Applegate & Thorne-Thomsen and other groups are working to address shortcomings in the guidance. 

Read the full article HERE.

For more information, please contact Glenn Graff of any of your contacts at Applegate & Thorne-Thomsen.