HUDBlast March 9, 2006

2006 Income Limits Published!

The Income Limits for Fiscal Year 2006 have been published.   These income limits are effective March 8, 2006.  The estimated median family income for the United States for FY 2006 is $59,600.

Like last year, the Fiscal Year 2006 HUD median family income estimates are based on 2000 Census family income data updated to 2006 using Census P-60 median family income data, Census American Community Survey data on changes in state median family incomes, and local Bureau of Labor Statistics wage data. However, unlike last year, HUD is using new OMB-defined metropolitan area definitions with some area sub-groupings in calculating these estimates.  Please to be sure to use the correct income limits for your area.

Most areas will see increases in their income limits.  If you’ve been following the Income Limit postings, you know that HUD has changed the method they use to determine income limits.  Sine this is new methodology, HUD may want to “tweak” the income limits later this year.  HUD is therefore making FY 2006 median family income estimates effective on an interim basis.

Please note that the use of the HUD median family income estimates and income limits is subject to individual program guidelines covering definitions of income and family, family size, effective dates, and other factors. If you have any questions concerning these matters, please refer them to your field office economist.  HUD median family income estimates are available at the Department's World Wide Web site, (http://www.huduser.org\datasets\il.html ).

New RHIIP Listserv

Most of you are familiar with RHIIP (HUD’s Rental Housing Integrity Improvement Project).  RHIIP has been responsible for creating initiatives to help reduce the error rate experienced in the multi-family industry.  As part of their continuing efforts, the National Multifamily Housing RHIIP Team has developed the RHIIP Listserv. 

This new tool will provide members with weekly emails that contain occupancy related tips, RHIIP news and other items of interest to HUD Multi-family property management professionals. 

This tool is provided in response to the comment that industry professionals are expected to “monitor the HUD sites and find new information themselves”.  The RHIIP Listserv will provide a more proactive, customer-friendly approach by delivering the latest news and information to subscribers email addresses. 

We strongly encourage our customers to sign up for this new service.   To sign up for the new service, go to the HUD web site (www.hud.gov) and click on the “mailing list” link in the lower left corner.  The HUD mailing list page will open (http://www.hud.gov/subscribe/mailinglist.cfm).  Click on the Multifamily Housing RHIIP (Rental Housing Integrity Improvement Program) Tips link. 

http://www.hud.gov/subscribe/signup.cfm?listname=Multifamily%20Housing%20RHIIP%20

(Rental%20Housing%20Intergrity%20Improvement%20Program)%20Tips&list=MFH-RHIIP-TIPS-L

New Rent Schedule

The new OMB approved Form HUD-92458, Rent Schedule Low Rent Housing is now posted on HUDCLIPS at HUDCLIPS at http://www.hudclips.org/cgi/index.cgi.  The form, dated November 2005, has been revised to omit the SSN/EIN column because this information is no longer necessary to process the rent schedule since it is available in other HUD sources. Owners/agents will not be required to re-submit the Rent Schedule on the revised version if the old version (with the SSN/EIN) has already been submitted.

New Information About Low-Income Housing Credits for Households Displaced by Katrina

IRS Notice 2005-69 has been issued providing relief from certain low-income housing credit requirements due to Hurricane Katrina. A temporary suspension of certain income limitation requirements has been granted for qualified low-income housing projects in which vacant units have been rented to displaced individuals. The notice can be found at http://www.irs.gov/pub/irs-drop/n-05-69.pdf

Draft of Special Claims Guide – Comments Due March 27

HUD has issued notice FR05 - FR-5037-N-10 - Applications for Housing Assistance Payments indicating that the draft of the Special Claims Guide is out for comment.  You can obtain a copy of the notice at:  http://www.hudclips.org/sub_nonhud/cgi/newsdoc_run.cgi  Comments about the draft are due to HUD no later than March 27, 2006.

HUD Guidance Regarding the New Student Rule

According to our resources, HUD is working diligently to provide guidance about implementing the new student rule for Section 8 properties.  We will let you know as quickly as we can when such guidance is released.