On Tuesday, March 31, 2020 HUD released the 2020 Income Limits.

To access the new income limits, visit the HUDUser website here.

For HUD’s Multifamily Housing program, the new 2020 Income limits are effective 4/1/2020. All new certifications created and finalized 4/1/2020 or later will include the new income limits.

Tips from Mary Ross, Ross Business Development:

• Property managers should remember that Income Limits are considered only at Move-in and, in very limited cases, at the Initial Certification. See HUD Handbook 4350.3 Paragraph 3-4.
• Income Limits are not reviewed at AR or IR. Income Limit changes do not affect current residents’ eligibility for the HUD Multifamily Housing programs (Section 8, PRAC, etc.) when that resident is already receiving subsidy/housing assistance. Do not terminate assistance when a current resident’s income exceeds the income limit.
• If you have already extended a unit offer and your new resident’s income exceeds the new income limit, you can still honor that move-in. You will need to document the tenant file appropriately. See HUD’s RHIIP ListServ 293 issued in 2012.
• New Income Limits must be entered in to your software program. In most cases, this means that you will need to update the income limit tables in your site software. Check your income limit tables and if the new 2020 limits are different, update pertinent fields.

If you don’t know how to check your income limits, refer to your software documentation, your software vendor’s web resources or call your software vendor’s customer support number.

Multifamily Tax Subsidy Projects (MTSP) Income Limits were also released today. They are effective April 1, 2020.

Click here to view the MTSP Income Limits.

Multifamily Tax Subsidy Projects (MTSP) Income Limits were developed to meet the requirements established by the Housing and Economic Recovery Act of 2008 (Public Law 110-289) that allows 2007 and 2008 projects to increase over time. The MTSP income Limits are used to determine qualification levels as well as set maximum rental rates for projects funded with tax credits authorized under section 42 of the Internal Revenue Code (the Code) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under section 142 of the Code.

This system provides complete documentation of the development of the FY 2020 Multifamily Tax Subsidy Project (MTSP) Income Limits for any area of the country selected by the user. Official MTSP Income Limits, available in pdf and excel formats at this link, may differ slightly from those calculated in the documentation system, and should be used for ALL official purposes.

Note: The limits identified in the MTSP Income Limits tables and MTSP Documentation system as “HERA Special” Income Limits are only for use by projects in service in 2007 or 2008.