2012 Income Limits Released

Effective December 1, 2011, HUD multi-family property managers must use the 2012 income limits.  The new income limits must be used for all new move-in transactions starting with move-ins effective 12/1/2011.  A “Frequently Asked Questions” page has also been set up at http://www.huduser.org/portal/datasets/il/il12/FAQs_12.pdf.

 Due to the Housing and Economic Recovery Act of 2008 (Public Law 110-289) these income limits may not be applicable to projects financed with Section 42 Low Income Housing Tax Credits (LIHTC) or section 142 tax exempt private equity bonds. These projects should use the Multifamily Tax Subsidy Project Income Limits available at http://www.huduser.org/portal/datasets/mtsp.html. The 2012 income limits for these properties were also posted today.  The MTSP (tax credit) income limits must be implemented within 45 days.