HUD released Fiscal Year (FY) 2020 Income Limits, which are effective as of April 1, 2020. Income limits are set by HUD to determine the eligibility of applicants for HUD’s assisted housing programs.
The FY 2020 Multifamily Tax Subsidy Projects (MTSP) Income Limits were also announced and go into effect as of April 1, 2020. The MTSP Income Limits are used to determine qualification levels, as well as set maximum rental rates for projects funded with tax credits authorized under section 42 of the Internal Revenue Code (the Code) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under section 142 of the Code. (Note: The limits identified in the MTSP Income Limits tables and MTSP Documentation system as “HERA Special” Income Limits are only for use by projects in service in 2007 or 2008.)
