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.
