HUD RELEASES INCOME LIMITS FOR 2008

Thursday, February 14, 2008 - 7:30AM

The U.S. Department of Housing and Urban Development (HUD) yesterday released income limits for 2008. Click here for links to median family income, income limits and accompanying information and tables.

HUD again implemented its "hold harmless" policy in areas where income limits decreased; the policy prevents low-income housing tax credit (LIHTC) rents from falling below last year's levels. According to HUD's Income Limits Briefing Materials, income limits were maintained at last year’s level in 637 of 2,043 non-metropolitan areas and 190 out of 532 metropolitan areas. Additional analysis will also be available in the March issue of the Novogradac Property Compliance Report and the Novogradac Journal of Tax Credit Housing.

Novogradac & Company LLP is currently updating its Rent & Income Limit Calculator© to include 2008 data. 

To discuss the latest changes to the rent and income limits, join Novogradac & Company LLP at the next LIHTC Property Compliance Workshop, May 15 - 16, 2008 in New Orleans, La.

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