A change in how the U.S. Department of Housing and Urban Development (HUD) calculates income limits for 9% low-income housing tax credit (LIHTC) properties in rural areas means that property owners who used the HUD website or the Novogradac Rent & Income Limit Calculator© may need to re-run their limits to ensure compliance with the updated calculation. The change applies to properties in rural areas as defined by the U.S. Department of Agriculture, which are able to use the greater of the applicable income limit for their county or the national non-metro median income limit.
The National Low Income Housing Coalition (NLIHC) released Thursday its annual affordable housing report, “The Gap: A Shortage of Affordable Homes,” which strives to examine the factors contributing to challenges in affordable housing as well as the geographic areas of greatest impact.
The U.S. Department of Housing and Urban Development (HUD) today posted income limits to determine eligibility for HUD-assisted programs, as well as eligibility for low-income housing tax credit (LIHTC) and tax-exempt bond properties for fiscal year (FY) 2022. The FY 2022 national median income is $90,000, a 12.5% increase over 2021. The limits took effect April 18. HUD publishes income limits for public housing, Section 8, Section 221(d)(3) and Section 236 properties. HUD also publishes Multifamily Tax Subsidy Projects (MTSP) income limits to determine eligibility for the LIHTC and tax-exempt bond properties.
President Joe Biden today released his proposed fiscal year 2023 (FY 2023) budget, which includes provisions to make the new markets tax credit (NMTC) permanent and to allow selective basis boosts for bond-financed affordable housing properties, which pair with 4% low-income housing tax credits (LIHTCs). The budget also includes $71.9 billion for the U.S. Department of Housing and Urban Development (HUD)–$6.2 billion more than the 2022 level–and $331 million for the Community Development Financial Institutions (CDFI) Fund, an increase of $25 million over the FY 2022 level.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register seeking comments evaluating HUD’s annual collection of information of data on low-income housing tax credit (LIHTC) properties and tenants. The notice seeks feedback on whether that information is necessary, how accurate the data is and ways to enhance the information while minimizing the burden on those who are to respond. Comments are due by May 24.
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