The Consolidated Appropriations Act of 2018 permanently establishes income averaging as a third minimum set-aside election for new Housing Credit developments which owners can choose in lieu of the two existing minimum set-aside elections (the 40 at 60 and 20 at 50 standards). Income averaging allows Credit-qualified units to serve households earning as much as 80 percent of Area Median Income (AMI), so long as the average income/rent limit in the property is 60 percent or less of AMI.
The Illinois Housing Development Authority (IHDA) is requesting feedback from IHC member developers on if and how income averaging would be beneficial to your projects.
Please take a moment to fill out the attached survey which will assist IHDA as it determines how to work with developers to allow income averaging in projects moving forward. IHC will share the survey results with IHDA.
