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HUD to Implement FY 2015 Income Limits April 20

Tuesday, April 14, 2015 - 2:30PM

Low-income housing tax credit (LIHTC) property owners and managers are reminded that on Monday, in accordance with Rev. Ruling 94-57, the 45 day grace period for implementing the U.S. Department of Housing and Urban Development (HUD) fiscal year (FY) 2015 income limits for properties funded by the LIHTC or tax-exempt bonds will expire. Multifamily tax subsidy projects (MTSPs) must use FY 2015 income limits to determine qualification levels and to set maximum rental rates by Monday to remain in compliance.

The Novogradac Rent & Income Limit Calculator© has been updated in beta version to include the FY 2015 rent and income limit data, which was released March 6. The Rent & Income Limit Calculator© will calculate IRC Section 42(i)(3)(A) LIHTC rent and income limits for every county and for every metropolitan statistical area (MSA) in the United States.

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