The U.S. Department of Housing and Urban Development (HUD) has released the 2009 Income Limits. The income limits help to determine the eligibility of HUD-assisted housing program applicants including the Section 202 housing for the elderly, 202/8 and other programs. HUD uses the Section 8 program’s Fair Market Rent (FMR) area definition to develop median family income estimates for individual metropolitan areas. The income limits are calculated for every FMR area with adjustments for family size, and for areas that have unusually high or low income-to-housing cost relationships.
For the first time, there are two sets of Income Limits, Section 8 and Multifamily Tax Subsidy. The Section 8 Limits are to be used for HUD programs and are available here. The Tax Credit Limits are to be used only for Tax Credit programs and are available here. The limits are not interchangeable.
The 2009 income limits were effective March 19th and they must be implemented no later than May 2, 2009.