HUD Releases FY 2014 Income Limits
On Dec. 18, HUD released its fiscal year (FY) 2014 Median Family Income estimates and FY 2014 Income Limits. These income limits are used to determine income eligibility for HUD’s assisted housing programs, including public housing, Section 8, Section 202, and Section 811. The income limits took effect immediately and are set as a percentage of area median income adjusted for household size. The newly issued income limits and further information regarding the income limits can be found at www.huduser.org/portal/datasets/il/il14/index.html.
To select the correct income limits to use, you’ll need to know what percentage of area median income your site’s housing program requires you to use. HUD sets different income limits for the Section 8, Section 202, Section 811, and public housing programs. The Section 8 program income limits are calculated based on low-income (80 percent of median income), very low-income (50 percent of median income), and extremely low-income (30 percent of income) levels.
To find out the income limits for households at your site, first determine what percentage of median income applies at your site. Next, determine the income limit for the appropriate household size by going to the income limits for your area and reading the row for the applicable income percentage until you reach the household size. That number is the income limit for that household.