The IRS has released Revenue Ruling 2020-04 (click for document). It clarifies how income limits are to be calculated for all designations at Average Income Test (AIT) properties. Many practitioners of tax credit housing are happy to note that the IRS continues to follow the precedent set by Revenue Ruling 89-24. This is good news, as many Average Income Test Properties have followed this template in running their lease-ups at AIT properties.
For your further information! The Costello University online on-demand course on "Passing the Income Average Test" has been updated for the new Ruling! This is is exciting, video-based learning, not just a recorded webinar! Try the free preview at https://university.costellocompliance.com