The Internal Revenue Service on Oct. 7 issued final and temporary regulations for the low-income housing tax credit (LIHTC) average-income set-aside test. Michael Novogradac, CPA, and Novogradac’s director of multifamily compliance, Stephanie Naquin, discuss unit designations and the cliff test under the new regulations. They also compare the final regulations with the previously proposed regulations, additional questions raised and applicability dates.