HUD Releases 2012 Income Limits
The 2012 income limits for projects financed with low-income housing tax credits (LIHTCs) and tax-exempt bonds have been released. Under the Housing and Economic Recovery Act of 2008 (HERA), these income limits are used to determine qualification levels as well as set maximum rental rates for projects funded with low-income housing tax credits and projects financed with tax-exempt housing bonds.
The new limits are effective Dec. 1, 2011. According to Revenue Ruling 94-57, the income limits must be implemented on the effective date or 45 days from the published date, whichever is later, which means this year's limits must be implemented no later than Jan. 14, 2012. To access the income limits online, go to: www.huduser.org/portal/datasets/mtsp.html.