HUD Releases Fiscal Year (FY) 2023 Income Limits

Last week, HUD released Fiscal Year (FY) 2023 Income Limits, which were effective on May 15, 2023. HUD once again instituted a cap, this year at 5.92 percent. The cap was calculated by using the annualized change in American Community Survey (ACS) data from 2019 to 2021, resulting in more than half of all areas being capped.

HUD also released the FY 2023 HOME Income Limits and the FY 2023 Multifamily Tax Subsidy Projects (MTSP) Income Limits, which are used to determine qualification levels, as well as set maximum rental rates for properties funded with LIHTCs and private activity bonds.

Novogradac updated its Rent & Income Limit Calculator in the beta version to include the new data and will present the data and the effects of the limits on LIHTC properties in a webinar on June 2 at 1 p.m. ET, register here.

HUD Releases HOME Monthly Reports

HUD has announced that the latest HOME Monthly Reports, as of November 30, 2024, are now available. Why it matters: These reports are crucial for Participating Jurisdictions (PJs) to effectively track and manage their housing initiatives. Details: The bottom line: These reports empower PJs to optimize their housing strategies, ensuring effective use of resources and […]

Ginnie Mae’s FY24 Annual Financial Report

Ginnie Mae has released its Fiscal Year 2024 (FY24) Annual Financial Report, and the numbers and initiatives are making an impact. Here are a few key takeaways:

Workforce Housing Debt Financing Updates

The northeast regional affordable housing community had the opportunity to receive an update on agency executions for workforce housing from PGIM’s Michael Lostocco at the NH&RA Fall Developers Forum. Fannie Mae and Freddie Mac have developed voluntary programs aimed at addressing housing affordability, particularly for middle-income renters.

FHFA Unveils Enterprises’ Three-Year Plans to Improve Housing Opportunities for the Underserved

Fannie Mae and Freddie Mac (the Enterprises) will seek to extend housing access in rural underserved markets, enhance their support for manufactured housing and continue addressing liquidity needs for first-time homebuyers, among a host of activities outlined in plans published by the Federal Housing Finance Agency (FHFA).