May 23, 2023: What You Need to Know About 2023 Income Limits
The U.S. Department of Housing and Urban Development (HUD) released 2023 income limits to determine eligibility for low-income housing tax-credit (LIHTC) properties and HUD-assisted programs last week. On this week’s Tax Credit Tuesday, Michael Novogradac, CPA, and Thomas Stagg, CPA, discuss the income limits and the implications for operators of LIHTC properties. They look at the big-picture takeaways, then examine the effects of the cap on properties. After that, they discuss action steps to take now, what we expect for 2024 and what resources are available to those who are interested.