The Rent & Income Limit Calculator© has been updated for the FY 2024 HUD Income Limits and is being released in Beta form. The Rent & Income Limit Calculator© is still being tested for potential errors or calculation issues. Before using the numbers from the Rent & Income Limit Calculator©, we strongly recommend that you check with the applicable state housing agency to verify that the state agrees with the numbers.
Step 1 of 3: Choose Program and Location
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(1) 9% Tax credit projects located in a rural area (as defined in section 520 of the Housing
Act of 1949) are eligible to use the greater of area median gross income or national
non-metropolitan median income as allowed under the Housing Act of 2008 for rent and
income determinations after the July 30th enactment date of the Housing Act of 2008.
Projects that are federally subsidized as defined in IRC Section 42(h) (i.e. 4% projects)
are not eligible to use the national non-metro adjustment under the Housing Act of 2008.
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(2) Some counties in New England have been split into separate HUD Metropolitan FMR Areas (HMFA).
For example Worcester County, MA has been split into four HMFAs as follows: Eastern Worcester County, MA HMFA Fitchburg-Leominster, MA HMFA Western Worcester County, MA HMFA Worcester, MA HMFA If you have a project located in New England please review HUD's Area Definitions to determine which HUD HMFA is applicable to your project. HUD's Area Definitions can be found on HUD's website for each year at the following website: http://www.huduser.org/portal/datasets/il.html |
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Disclaimer: Before using the numbers from the Rent & Income Limit Calculator©, we strongly recommend that you check with the applicable state housing agency to verify that the state agrees with the numbers. The numbers round down to the nearest $1. Utility allowances are input by the user and are not reviewed or verified by Novogradac & Company LLP. Novogradac & Company LLP provides no assurance of the accuracy of the particular results you may obtain from the Rent & Income Limit Calculator©; which is designed only to be a quick reference tool and is no substitute for professional tax and accounting advice. The Rent & Income Limit Calculator© should not be used for any final financial decisions. IRS guidelines and actual HUD amounts should be used for any final decisions. Novogradac & Company LLP does not guarantee the accuracy of the amounts shown above. As consideration for your use of this tool, you agree to hold Novogradac & Company LLP harmless from any damages and claims related to use of the Rent & Income Limit Calculator©. If you do not agree with the terms of this paragraph, you may not use the Rent & Income Limit Calculator©. Please note the following for households over 8 people. Per the HUD briefing material “HUD does not include income limits for families with more than eight persons in the printed lists because of space limitations. For each person over eight-persons, the four-person income limit should be multiplied by an additional 8 percent. (For example, the nine-person limit equals 140 percent [132 + 8] of the relevant four-person income limit.) HUD rounds income limits up to the nearest $50. Local agencies may round income limits for nine or more persons to the nearest $50, or they may use the un-rounded numbers.” To account for areas that may round to the nearest $50, the calculator also rounds to the nearest $50 for these household sizes as this will always result in a lower amount than rounding up. If you are qualifying a household over 8 people please check with your local agency for what their policy is in relation to rounding. HUD occasionally revises the income limits after HUD's initial publication of the income limits. The Novogradac Rent & Income Calculator© is not linked directly to the HUD income limit data set, but we will update the Novogradac Rent & Income Calculator© when we are aware of any revisions. |