Florida Housing Finance Corporation posted its combined 2020 income limit and rent limit schedule.
In accordance with IRS Revenue Ruling 94-57, MTSP participants (Multifamily Mortgage Revenue Bond and Housing Credit programs) may continue to rely on the previous income limits until 45 days after HUD releases a new list of income limits, or until HUD’s effective date for this new list, whichever is later. MTSP limits are also utilized by participants with funding from State Apartment Incentive Loan (SAIL), Rental Recovery Loan Program (RRLP), Tax Credit Exchange Program (TCEP or Exchange), and Tax Credit Assistance Program (TCAP).
The 2008 Housing and Economic Recovery Act amended the income limitation provisions of Section 42 (Housing Credit, TCAP and TCEP programs) to add a special rule [42(i)(8)] for projects located in areas defined by USDA as rural. The applicable income limitation for a project located at a USDA-eligible rural address is the greater of the median gross income of the particular area (county) or the national nonmetropolitan median, whichever is greater. Income limits and rent limits based upon the national nonmetropolitan median appear at the top of the first page of the combined income limit and rent limit schedules. USDA Rural Housing Service makes available a Rural Housing Property Eligibility website, where a project address may be searched to determine whether its location is an eligible rural address.
This special rule does not apply to tax-exempt bond financed (MMRB) projects nor to CDBG-DR, HOME, NHTF or SHIP projects, however, it is applicable to other Florida Housing rental programs that Florida Housing monitors directly such as SAIL and RRLP.
HUD has not yet announced when 2020 income limits and rent limits will be released for the HOME program. When Florida Housing becomes aware that HUD has released its 2020 HOME income limit and rent limits, the HUD schedules will be posted on the Florida Housing web site and notification will be sent via the Asset Management listserv. Developments with HOME-assisted units that are also qualify units for another program shall not apply to the HOME-assisted units the newly-released income limits or rent limits of the other program if doing so would exceed the still-current HOME limits released by HUD for 2019.
