Novogradac Rent & Income Limit Calculator©

The Rent & Income Limit Calculator© is available with the compliments of Novogradac.

The Novogradac Rent & Income Limit Calculator© has been updated to include fiscal year (FY) 2020 rent and income limit data that was released by the U.S. Department of Housing and Urban Development on March 31 with an effective date of April 1, 2020. Before using the numbers from the Novogradac Rent & Income Limit Calculator©, you should check with the applicable state housing agency to verify that the state agrees with the numbers. Novogradac does not set rent and income limits. The Novogradac Rent & Income Limit Calculator© summarizes HUD data; however, the determination of income limits is the sole responsibility of HUD.

The Novogradac Rent & Income Limit Calculator© is meant for the use of housing professionals who have an understanding of income and rent limits and the program requirements for each program. It does not have the capability to determine eligibility for those seeking to qualify for and occupy low-income housing.

If you have questions about the income limits, or would like to engage Novogradac & Company LLP to calculate the rent and income limits for your property, please contact Thomas Stagg at [email protected].

Launch the Novogradac Rent & Income Limit Calculator©

 

About the Novogradac Rent & Income Limit Calculator©:

The Rent & Income Limit Calculator can calculate income and rent limits for the following programs:

Section 42 Low Income Housing Tax Credits

  • This program will calculate IRC Section 42(i)(3)(A) low-income housing tax credit (LIHTC) rent and income limits for every county and for every Metropolitan Statistical Area (MSA) in the United States.
  • It provides the HUD sourced 30%, Very Low (50%), and Low (80%) income limits for the selected county.
  • It automatically calculates the LIHTC Rent and Income Limits for any selected percentage of the Area Median Income (AMGI) for the selected county.
  • Users can choose which bedroom sizes are displayed (the default setting displays results for all bedroom sizes).
  • Users can choose which income or rent levels are displayed on the 12 year historical charts.

Section 142 Tax-Exempt Bonds

  • This program will calculate IRC Section 142(d)(2)(b) tax-exempt bond income limits for every county and for every Metropolitan Statistical Area (MSA) in the United States.
  • It can also calculate custom rent limits bases on the parameters of your or your regulatory agreements including adjustments for:
    • Assumed HUD published income limit (AMI, MTSP, VLI)
    • Assumed household size (1.5 people per bedroom, 1 person per bedroom +1, or custom)
  • It provides the HUD sourced 30%, Very Low (50%), and Low (80%) income limits for the selected county.
  • It automatically calculates the tax-exempt bond income limits and user generated rent limits for any selected percentage of the Area Median Income (AMGI) for the selected county.
  • Users can choose which bedroom sizes are displayed (the default setting displays results for all bedroom sizes).
  • Users can choose which income or rent levels are displayed on the 12 year historical charts.

Other Federal, State, or Local Program (non-LIHTC)

  • This program will require a user to have a detailed knowledge of the regulatory agreement as well the program requirements for which the income and rent limit is being calculated.
  • This program will calculate income and rent limits based on custom inputs provided by the users indcluding:
    • Assumed HUD published income limit (ELI, VLI, Low or AMI)
    • Assumed household size (1.5 people per bedroom, 1 person per bedroom +1, or custom)
  • It provides the HUD sourced 30%, Very Low (50%), and Low (80%) income limits for the selected county.
  • It automatically calculates the income limits and user generated rent limits for any selected percentage of the Area Median Income (AMGI) for the selected county.
  • Users can choose which bedroom sizes are displayed (the default setting displays results for all bedroom sizes).
  • Users can choose which income or rent levels are displayed on the 12 year historical charts.

Other Features Include:

  • The ability to display the Fair Market Rent (FMRs), as determined by HUD.
  • A section for user to input allowances by bedroom type, so that LIHTC rents are shown before and after deduction of utility allowance;
  • The ability to see average percentage income and rent increase over last 12 years; and
  • The ability to display 140% income limits for purposes of the next available unit rule based on the 50% or 60% HUD income limits depending on minimum set aside chosen.