HUD published the 2024 Income Limits, which determine eligibility for assisted housing programs, including the Public Housing, Section 8 project-based, Section 8 Housing Choice Voucher, Section 202 housing for the elderly and Section 811 housing for persons with disabilities programs, as well as Multifamily Tax Subsidy Project (MTSP) income limits that determine eligibility for LIHTC and tax-exempt private activity bond (PAB)-financed properties.
HUD implemented it’s new ten percent ceiling on the annual cap for Very Low-Income (VLI) –which means the income limit for properties that use VLI, including LIHTC and PAB-financed properties, will not be allowed to increase by more than ten percent, unless a LIHTC development is eligible for HERA Special, which is not subject to the HUD cap. The new income limits are effective April 1 and, in the case of decreasing income limits, must be implemented by May 16.
