HUD Releases FY 2008 Median Incomes, Income Limits

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         The U.S. Department of Housing and Urban Development (HUD) on 2/13/08 released its estimates for Fiscal Year 2008 of median family income and income limits for 532 metropolitan and 2,043 non-metropolitan areas nationwide.
         The figures are used for a number of federal housing programs, including the low-income housing tax credit and tax-exempt multifamily housing bond programs. HUD’s income limit for an area for a very low-income household (50% of area median income) is used as the basis for tenant income and rent limits for housing credit units.
         In the FY 2008 limits, HUD once more applied “hold harmless” policies that kept at the FY 2007 levels the LIHTC tenant income and rent limits for areas where the estimate of area median income fell. According to HUD, this was the case for 190 of the metro areas and 637 of the non-metro areas.
         (To view: http://www.huduser.org/datasets/il/il08/index.html)