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On December 18, the U.S. Department Housing and Urban Development (HUD) released 2 sets of new income limits for fiscal year 2014: The Section 8 income limits, which it uses to determine income eligibility for HUD's assisted housing programs (and different income limits apply to different programs).
The Multifamily Tax Subsidy Projects income limits, which it uses to determine qualification levels and to set maximum rental rates for low-income housing tax credit or tax-exempt bond projects.
With the exception of the tax credit program (which has as much as 45 days, or Jan 31, to implement the new limits), the income limits for all other multifamily housing programs took effect on December 18 as well.
HUD Section 8 Income Limits are calculated for every fair Market Rent (FMR) area with adjustments for family size and for areas that have unusually high or low income-to-housing-cost relationships.
The income limits are set as a percentage of area median income adjusted for household size. The newly issued income limits and further information regarding the income limits can be found on HUDUser.org.
Different income limits apply to different programs.
For the more common programs among LeadingAge members, here are your specific limit standards:
A more complete list of the programs and their limits can be found on HUDUser.gov.
Access income limits through an interactive site map of State Map of Median Income and Income LimitsOrTables are available for Section 8 Income Limits in pdf and MS WORD Tables for Section 221(d)(3) BMIR, Section 235, and Section 236 Income Limits in pdf and MS WORD
The Income Limits Briefing Materials offer a closer look at the income limits, and a discussion of calculating your site-specific income limits.
A Frequently Asked Questions document answers such pertinent questions as Why do area definitions change for Median Family Income (MFI) and income limits? And What is the relationship between Fair Market Rent areas and Income Limit areas?
Multifamily Tax Subsidy Projects (Multifamily Tax Subsidy Projects are those projects which are reliant upon Internal Revenue Code (IRC) section 42 Low Income Housing Tax Credit, or use tax-exempt private activity bonds under IRC section 142 as part of their financing, typically referred to as LIHTC Projects), the current standard is Section 8 very low-income standard or 120% of that definition (i.e., the "60%" of median standard) for projects determining income eligibility and rents who haven't used income limits prior to FY 2012.
NOTE however: Income Limits for MTSP projects using income limits in FY 2010 or earlier will no longer use Section 8 Income Limits. A separate income limits publication is produced for this program.
According to Revenue Ruling 94-57, MTSP projects have 45 days to begin using them to certify and recertify low-income households at their tax credit sites. This means this year's income limits must be implemented no later than January 31, 2014.