Novogradac Provides Resources to Assist with Questions about 2023 HUD Income Limits

Wednesday, January 11, 2023 - 8:00am

Novogradac has resources available for members of the affordable housing community to better understand what to expect this year regarding 2023 income limits. Calculation of the 2023 income limits would typically include information collected in 2020 for the American Community Survey (ACS), but due to the pandemic, the Census Bureau did not release a one-year ACS for 2020. As a result, the U.S. Department of Housing and Urban Development (HUD) has stated it will use 2021 ACS data for 2023 income limits, a decision that will push the release of 2023 income limits back by six weeks from its customary April date to May 15.

A new Notes from Novogradac blog post provides more insight into the implications of this change, including how the methodology has changed, what to expect in 2023 and what income limits could look like in 2024. A Tax Credit Tuesday podcast on the subject also is available featuring Michael Novogradac, CPA, and Thomas Stagg, CPA. Additionally, the Novogradac Rent and Income Limit Estimator © can an provide estimates of area median income for 2023 and very low-income (VLI) for 2023 for many areas, shedding light on how income and rent limits may change over the next one to two years.