HUD recently released the fiscal year 2015 Area Median Income Limits (AMIs). AMIs are used to calculate rents for several federal subsidy programs, including the Low-Income Housing Tax Credit (LIHTC) program.
As in earlier years, many jurisdictions had increases from the previous year’s income limits, while many saw decreases. Los Angeles County, for example, which had seen a decrease in AMI from fiscal years 2013 to 2014 has increased in fiscal year 2015. In contrast, Port St. Lucie County, Florida, saw a decrease from fiscal years 2014 to 2015.
So apartment owners, developers and managers should check the new income limits for the areas where they operate.
Questions? Please contact NMHC’s Caitlin Walter at email@example.com or (202) 974-2343.
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