The U.S. Department of Housing and Urban Development released FY 2016 income limits to be used when setting maximum rental rates for housing financed using Low-Income Housing Tax Credits or Tax-Exempt Bonds, as well as income limits to determine eligibility for HUD-assisted housing programs.
HUD categorizes LIHTC and TEB financed projects as “Multifamily Tax Subsidy Projects.” MTSP Income Limits were developed to meet the requirements established by the Housing and Economic Recovery Act of 2008. The limits are used to determine qualification levels as well as set maximum rental rates for projects.
HUD also released income limited that apply to:
- Section 8
- Public Housing
- Section 221(d)(3) BMIR
- Section 235
- Section 236
For FY 2016 income limits, the national median family income decreased by less than one percent compared with FY 2015, so the cap on increases is set at 5 percent.
