HUD recently released income limits for fiscal year (FY) 2013 which are used to determine the eligibility of applicants for HUD’s assisted housing programs, including the Public Housing program, the Section 8 Housing Choice Voucher program, Section 202 housing for the elderly program, and Section 811 housing for persons with disabilities program. Income limits that are used to determine eligibility and set maximum rents for low-income housing tax credit (LIHTC) or tax-exempt bond projects, or Multifamily Tax Subsidy Projects (MTSPs), are calculated and presented separately from the Section 8 income limits. HUD’s FY 2013 income limits methodology and data takes advantage of new data available from the Census Bureau’s American Community Survey (ACS). The FY 2013 Median Family Income (MFI) estimates use 2006-2010 5-year ACS data, augmented by the 2010 1-year ACS information and updated with Consumer Price Index (CPI) data through the end of 2011.
Click here to view HUD’s FY 2013 income limits.
UPDATE: HUD has revised the 2013 Income Limits from those released December 4, 2012. Click here to learn more.
UPDATE: A recent article in LIHTC Newsletter #50 says that the IRS will treat the revised fiscal year 2013 MTSP income limits released on December 11 as if they were released on December 4 for all Section 42 purposes. MTSP property owners must start using the revised 2013 income limits no later than 45 days after the December 4 release date, which is January 18, 2013. If a building is placed in service between December 5 and December 11 and relied on December 4 income limits, the IRS will honor the designation, but the revised income limit released on December 11 should be used to calculate the gross rent floor.
