The U.S. Department of Housing and Urban Development (HUD) has just released the 2012 Income Limits for both LIHTC and Section 8 however they are on separate web pages. The MTSP income limits are to only be used by projects financed with tax-exempt housing bonds – referred to by HUD as Multifamily Tax Subsidy Projects (MTSPs) – and are calculated and presented separately from the Section 8 income limits. These MTSP income limits must be used for all new move-in transactions. Follow this link to obtain the updated income limits for FY 2012: 2012 MTSP income limits .
The Section 8 income limits were also just released. All HUD Multifamily property managers must use the new income limits posted on the HUDUser web site at HUD Multifamily 2012 Income Limits.
Some affordable housing software vendors update the income limits for you and some rely on their users to update their own income limits. Consult your software vendor to find out. In any case, PLEASE make sure you print the income limits for your MSA and keep them on file or in your binder for your next MOR.
A “Frequently Asked Questions” page has also been set up at http://www.huduser.org/portal/datasets/il/il12/FAQs_12.pdf.
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