Tools for Understanding the 2013 Income Limits

Published by Michael Novogradac on Thursday, December 27, 2012 - 12:00am

Novogradac & Company has prepared a summary of income limit changes in California based on the rent and income limit data published by the U.S. Department of Housing and Urban Development (HUD) on Dec. 11. A larger table of all income limit changes from 2012 to 2013 is also available.

The Dec. 4 data showed a decrease in income limits for approximately 80 percent of counties nationally; the Dec. 11 data show decreased income limits in about 50 percent of counties nationally. The map below illustrates the changes in HUD-published area median income (AMI) from 2012 to 2013.

Blog Map Change in HUD Published AMI from 2012 to 2013
Click to Enlarge

Additional income limits maps have been prepared that show details of the changes applicable to low-income housing tax credit properties, also referred to as Multifamily Tax Subsidy Program (MTSP) properties.

Keep in mind that if a county has a decrease, existing projects are held harmless and only new projects have a decrease, aside from any rent floor election. Learn more by watching the free recording of Novogradac’s webinar: 2013 HUD Rent and Income Limits and Your Tax Credit Project.

The Novogradac Rent & Income Limit Calculator© has been updated to include the revised fiscal year 2013 rent and income limit data. Please contact Thomas Stagg, CPA, if you’re interested in accessing an enhanced version of the Rent & Income Limit Calculator© that allows users to save property information: [email protected] or 425.453.5783.