HUD to Use 2021 ACS Data to Determine FY 2023 Income Limits; Details Delayed to May 15
The U.S. Department of Housing and Urban Development (HUD) announced that it will use 2021 American Community Survey (ACS) data to determine fiscal year 2023 (FY23) median family incomes and income limits for low-income housing tax credit (LIHTC) properties. HUD will release the FY23 information on or about May 15, 2023, which is approximately six weeks later than normal. HUD generally uses ACS data from three years prior to determine family median family incomes and income limits, but the Census Bureau did not release 2020 1-year ACS data due to data collection difficulties because of the COVID-19 pandemic.
The Novogradac Rent and Income Limit Estimator© will be updated with the new information.