HUDBlast March 23, 2009

For an archive of HUDBlasts visit RBD online at www.rbdnow.com

HUD Releases 2009 Income Limits

Wow!  This sure has been an interesting year.  Last week HUD released not one, but two sets of income limits for 2009.  One set is to be used for HUD programs and the other is to be used for Tax Credit programs.  The Tax Credit properties are referred to as Multifamily Tax Subsidy Projects. 

The income limits were effective March 19th which means they must be implemented no later than May 2, 2009. To access the income limits click the appropriate links below:

         Section 8 Income Limit Data Set http://www.huduser.org/datasets/il.html

         Multifamily Tax Subsidy Income Limit Data Set  http://www.huduser.org/datasets/mtsp.html

The following statement was posted at the Section 8 income limit data set page:

"Due to the Housing and Economic Recovery Act of 2008 (Public Law 110-289), Income Limits used to determine qualification levels as well as set maximum rental rates for projects funded with tax credits authorized under section 42 of the Internal Revenue Code (the Code) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under section 142 of the Code (hereafter referred to as Multifamily Tax Subsidy Projects (MTSPs)) are now calculated and presented separately from the Section 8 income limits presented below. Beginning with the publication of FY2009 Median Family Income estimates and Income Limits, the information found on the rest of this page CAN NO LONGER be used by those interested in income limits used in MTSPs. Suitable income limits for these projects are now available at the following link: Multifamily Tax Subsidy Income Limits."

If you are unfamiliar with the Housing and Economic Recovery Act of 2008 and its impact on the income limits, we would recommend that you access Elizabeth Morelandís Tax Credit training at Housing Credits 520: Understanding & Implementing H.R. 3221  (http://www.housingcredits.com/520/) which is available 24 hours a day, 7 days a week at the Housing Credit Online Training Center (http://www.housingcredits.com/)

This class is being offered for an introductory price of $99.00.

Upcoming RBD Training

 

Are you ready for all the changes?  A major TRACS update (202C and iMAX), software updates, forms changes, new EIV monitoring requirements, proposed changes to occupancy requirements including the Social Security Number requirements (all residents, regardless of age), answers to questions about implementing the new leases (may not be required for existing residents) - itís a full time job just to stay on top of current occupancy issues and their impact on day-to-day property management. Join Mary Ross for training on TRACS 2.0.2.C, iMAX, EIV and the latest HUD industry news.  Training includes sample forms, notices and policies that can be used to help you develop your own custom documents.

 

To register for training, visit our web site at www.rbdnow.com of contact our Training Coordinator (Larue Marin) at 770-426-0577 or email her at larue.marin@rbdnow.com.

 

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We also encourage you to sign-up for the Listserv, so you can receive current RHIIP related information from HUD http://www.hud.gov/subscribe/mailinglist.cfm You can view the RHIIP Tips Archives, under "Listserv-Multifamily RHIIP Tips" at http://www.hud.gov/offices/hsg/mfh/rhiip/mfhrhiip.cfm

 

RBD does not act as a legal advisor nor as a regulatory governing agency.  The recipient should understand that any materials or comments contained herein are not designed for, nor should be relied upon as a source of legal guidance or as a final authority with respect to any particular circumstance. Ross Business Development, Inc. makes no warranty of merchantability or fitness for a particular purpose or any other warranty of any type. Owners and management should seek competent legal advice in developing and carrying out policies and procedures.  While we have been diligent in our efforts to provide comprehensive and accurate regulatory information, Ross Business Development, Inc. shall not be responsible for errors or inaccuracies.