HUD Publishes 2015 HOME Income and Rent Limits
For owners and managers of LIHTC sites with HOME units, HUD has recently published the HOME Income and rent limits for 2015. The limits go into effect on June 1, 2015.
The HOME income limits are calculated using the same methodology that HUD uses for calculating the income limits for the Section 8 program, in accordance with Section 3(b)(2) of the U.S. Housing Act of 1937, as amended. These limits are based on HUD estimates of median family income, with adjustments based on family size.
For these limits, it’s important to note that there is no 45-day transition. You must begin using the new limits on the effective date. And HOME limits are not “held harmless” like LIHTC limits, meaning that if HOME income limits go down, you must use the lower limits for both income and rent.