HUD Releases Income Limits for Fiscal Year 2018
HUD recently released Fiscal Year (FY) 2018 Income Limits. Sites must use these limits when processing move-ins and initial certifications effective April 1, 2018, or later. These new income limits must be entered into your site’s compliance software program. In most cases, this means that you’ll need to update the income limit tables in your site software.
Income limits are set by HUD to determine the eligibility of applicants for HUD’s assisted housing programs. Section 8 Fair Market Rent (FMR) area definitions are used to develop median family income estimates for each metropolitan area and non-metropolitan county. And HUD income limits are calculated for every FMR area with adjustments for family size and for areas that have unusually high or low income-to-housing-cost relationships.
Low-income families are defined as families whose incomes do not exceed 80 percent of the median family income for the area. Very low-income families are defined as families whose incomes do not exceed 50 percent of the median family income for the area. Income limits for non-metropolitan areas may not be less than limits based on the state non-metropolitan median family income level.
To access the new income limits, visit the HUDUser website at https://www.huduser.gov/portal/datasets/il.html. Remember that income limit changes do not affect a current resident’s eligibility for HUD Multifamily Housing programs (Section 8, PRAC, etc.) when that resident is already receiving subsidy/housing assistance.