HUD Releases Income Limits for FY 2016

Monday, March 28, 2016 - 10:30am

The U.S. Department of Housing and Urban Development (HUD) today released income limits for fiscal year (FY) 2016. These income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202 and Section 811. HUD said that the U.S. median income and the national non-metropolitan median income limits have decreased from 2015 to 2016. Income limits used to determine qualification levels and to set maximum rental rates for low-income housing tax credit (LIHTC) or tax-exempt bond projects–which HUD refers to as multifamily tax subsidy projects (MTSPs)–are calculated separately from the Section 8 income limits.

Novogradac & Company LLP is updating the Rent & Income Limit Calculator© to include the 2016 data. Subscribers to Novogradac & Company’s free Industry Alert service will receive an email announcement when this update has been completed.

Tune into the April 5 Tax Credit Tuesday podcast for initial information about the income limits. For in-depth analysis on how income limit changes may affect your property, register for the Novogradac 2016 HUD Rent and Income Limits and Your Tax Credit Property: Back to Basics Webinar April 13 at 1 p.m. Eastern.