HUD recently released its fiscal year 2016 Area Median Income Limits (AMIs). AMIs are used to set eligibility thresholds for several federal subsidy programs, including the Low-Income Housing Tax Credit and Section 8 programs. Apartment owners, developers and managers should check the new income limits for the areas where they operate, as these new income limits are now in effect for federal programs.
Increases were recorded in many jurisdictions from last year, and decreases were recorded in many jurisdictions as well. The Washington, DC metro area for example, saw a decrease of $600 from FY2015, while the San Francisco metro area saw an increase of $5,800.
Questions? Please contact NMHC’s Caitlin Walter at email@example.com or (202) 974-2343.