HHS Issues 2015 Poverty Guidelines, HUD FY 2015 Income Limits Expected to Follow
The U.S. Department of Health & Human Services (HHS) last week issued its 2015 poverty guidelines, which the U.S. Department of Housing and Urban Development (HUD) will use to update its fiscal year (FY) 2015 income limits. The HHS 2015 poverty guideline for a four-person household increased by nearly 1.7 percent compared to 2014, so counties that adjusted their extremely low-income limits up to the poverty level in 2014 will likely see another increase of around 1.7 percent for 2015.
HUD anticipates that its FY 2015 income limits will be published in February. HUD delayed publishing its FY 2015 income limits, originally expected to be released in December, because of a change in the definition of an “extremely low-income” household, which is mainly used for setting admissions targets in the Housing Choice Voucher program. The change was made by the 2014 Consolidated Appropriations Act, and an extremely low-income household is now defined as one with an income that does not exceed the greater of the HHS poverty guidelines or 30 percent of area median income (AMI).
The Novogradac Rent & Income Limit Calculator© will be updated with 2015 limit data as soon as it is available. Tune into the Jan. 27 episode of the Tax Credit Tuesday podcast for more information.