Effective as of April 14th, 2017, The Department of Housing and Urban Development Development (HUD) published the 2017 Income Limits for Housing Credit and Bond properties.
According to Revenue Ruling 94-57, Housing Credit Income limits must be implemented either on the effective date or 45 days from the publication date — whichever is later. This means this year’s limits must be implemented no later than May 28, 2017.
HUD develops income limits based on Median Family Income estimates and Fair Market Rent area definitions for the following: each metropolitan area, parts of some metropolitan areas, and each non-metropolitan county.
It’s important that you implement the correct income limits for each of your properties. To access the limits and gather more information, view the appropriate link below:
The Multifamily Tax Subsidy Projects (MTSP) Income Limits were developed to meet the requirements established by the Housing and Economic Recovery Act of 2008 (Public Law 110-289) that allows 2007 and 2008 projects to increase over time.
The MTSP Income Limits are used to determine qualification levels as well as set maximum rental rates for projects funded with tax credits authorized under section 42 of the Internal Revenue Code (the Code) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under section 142 of the Code.
Effective as of April 14, 2017, these income limits will determine eligibility for assisted housing programs including the Public Housing, Section 8 project-based, Section 8 Housing Choice Voucher, Section 202 housing for the elderly, and Section 811 housing for persons with disabilities programs.
Access Individual Income Limits Areas
This system provides complete documentation of the development of the FY 2017 Income Limits (ILs) for any area of the country selected by the user. Official ILs are available in PDF and Excel formats and may differ slightly from those calculated in the documentation system. These should be used for all official purposes.
Access Individual Median Family Income Areas
This system provides complete documentation of the development of the FY 2017 Median Family Income (MFI) estimates for any area of the country selected by the user. After selecting the desired geography, you are provided a page detailing the account of how the final FY 2017 MFIs were developed using data from the 2012 American Community Survey (ACS) data.
Be sure to review the appropriate documents before May 28, 2017 to ensure your property is up to speed with HUD standards.