HUD Releases FY 2020 Income Limits
The U.S. Department of Housing and Urban Development (HUD) today posted income limits to determine eligibility for HUD-assisted programs in fiscal year 2020. The limits are effective April 1 (Wednesday) and cover public housing, Section 8, Section 202 and Section 811. HUD simultaneously released Multifamily Tax Subsidy Program income limits for 2020, which are used to determine eligibility for low-income housing tax credit and tax-exempt bond properties. The FY 2020 national median income is $78,500, an increase of nearly 4 percent over 2019. HUD caps the income limit increase at twice the change in national median income, which means the cap on increases is 8 percent, as predicted by Novogradac’s Thomas Stagg in a blog post.
A Novogradac blog post has a primer on what you need to know about income limits for 2020, as well as estimating median income for 2021. Another blog post examines the effect of the COVID-19 pandemic on income limits. The Novogradac Rent & Income Limit Calculator® will be updated soon and its release will be announced by a Novogradac Industry Alert email.