HUD Releases FY 2017 Income Limits
The U.S. Department of Housing and Urban Development today released income limits for fiscal year 2017 (FY 2017). The limits are used to determine income eligibility for HUD-assisted housing programs, including public housing, Section 8, Section 202 and Section 811. HUD said the U.S. median income increased 3.5 percent to $68,000 in 2017. That means the cap for increases in limits for income and respective rent limits for multifamily tax-subsidized properties will be 7 percent. The income limits used to determine qualification levels and maximum rent for low-income housing tax credit (LIHTC) or tax-exempt bond properties are calculated separately from the Section 8 income limits.
Novogradac & Company will update its Rent & Income Limit Calculator © to include the 2017 data.
For in-depth analysis on how income limits may affect your property, register for the Novogradac 2017 HUD Rent and Income Limits and Your Tax Credit Property: Back to Basics Webinar. The time and date will be announced shortly.