The U.S. Department of Housing and Urban Development (HUD) released the income limits for 2018 recently. These income limits are used to determine income eligibility for Low Income Housing Tax Credit (LIHTC) funded projects and HUD’s assisted housing programs, including public housing, Section 8, Section 202 and Section 811.
Income limits that are used to determine qualification levels and to set maximum rental rates for LIHTC or tax-exempt bond projects, which HUD refers to as Multifamily Tax Subsidy Projects (MTSPs), are calculated and presented separately from the Section 8 income limits.
The 2018 Income Limits have an effective date of April 1, 2018. Per Revenue Ruling 94-57, income limits must be implemented on the effective date or 45 days from the published date (whichever is later). That means these new limits must be implemented no later than May 14, 2018. View the new limits on the HUD website.
State allocating agencies are updating their websites, and our Travois asset management and compliance team is running the numbers in order to provide our clients with their updated rent and income limits.
If you have any questions, please feel free to email us at assetmanagement@travois.com or call us at 816-994-8970.