- Created: Tuesday, 27 November 2018 15:11
- Written by Laura Proescholdt
In January 2019, Minnesota Housing will move forward with an income averaging option in the Housing Tax Credit (HTC) program. Income averaging allows Low Income Housing Tax Credit (LIHTC) owners to elect to serve households with incomes of up to 80% of area median income (AMI) and have these household qualify as LIHTC units, so long as the average income/rent limit in the project remains at 60% or less of AMI.
Depending on project details, income averaging will be available for tax credit developments. Income averaging will also be incorporated into the 2019 Round 2 HTC process and the 2019/2020 HTC Request for Proposal (RFP) process.
Novogradac graphic visualizing income averaging