2016 Income Limits for HUD and Tax Credit Programs
by Colleen Bloom
Published On: Mar 06, 2015Updated On: Mar 28, 2016 Each year, HUD releases Fiscal Year Median Family Income estimates and Income Limits.
Different income limits apply to different programs.
This year, the new FY2016 Income limits are effective immediately for HUD's multifamily housing program,.
How this affects you
For the more common programs among LeadingAge members, here are your specific limit standards: - All Section 8 programs use the very low-income or low-income standards, and have a specific PDR Notice/transmittal. Access this year's income limits here.
- Section 202 elderly or 811 disabled (PRAC) programs use very low-income or low-income standards.
- The Section 236 rental program uses the low-income standard, and has share a PDR Notice/transmittal with the Section 221d3, which uses "95%" of area median income, defined as 95/80ths of low-income definition.
However, projects financed with Section 42 Low Income Housing Tax Credits (LIHTC) or section 142 tax exempt private equity bonds should use the Multifamily Tax Subsidy Project Income Limits available at Multifamily Tax Subsidy Project Income Limits.
The Section 8 income limits are effective as of March 6, 2015.