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HUD Posts Income Limits for FY 2021; 65% of Counties Will See Increase
The U.S. Department of Housing and Urban Development (HUD) has posted income limits to determine eligibility for HUD-assisted programs, as well as eligibility for low-income housing tax credit (LIHTC) and tax-exempt bond properties for fiscal year 2021. The limits are effective today. HUD publishes income limits for public housing, Section 8, Section 221(d)(3) and Section 236 properties. HUD also publishes Multifamily Tax Subsidy Projects (MTSP) income limits to determine eligibility for the LIHTC and tax-exempt bond properties. The FY 2021 national median income is $79,900, a 1.783% increase over 2020. Among the 4,766 counties for which HUD publishes limits, 65% will see an increase, 32% have a decrease and 3% have no change. The average change is an increase of 1.04%. In the nation’s most-populous state, California, the non-metro rate decreased by 1.41%, so 28 of the state’s 58 counties will see a decrease.
The Novogradac 2021 HUD Rent and Income Limits and Outlook for 2022-2023 Webinar is April 23 and income limits will be analyzed on an upcoming episode of the Tax Credit Tuesday podcast. Subscribe to the podcast on iTunes or Stitcher. The Novogradac Rent & Income Limit Calculator® will also be updated soon, with its release announced by a Novogradac Industry alert email.