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2013 Income Limits
By Yardi Blog Staff on Jan 17, 2013 in News
For our Yardi affordable housing clients, the following information pertains to the 2013 income limit structure. The deadline to update income limits is Friday, Jan. 25.
The 2013 income limits as published by HUD were first released on December 4, 2012. Due to miscalculations, HUD released the 2013 Income Limits a second time on December 11, 2012. These new income limits will replace those posted on December 4, 2012. All properties have 45 days from December 11, 2012 to implement the new 2013 income limits. If December 4, 2012 income limits have already been implemented or for additional information regarding income limit implementation, please see the following HUDBlast from industry expert, Mary Ross.
What is HUD?
HUD (Housing and Urban Development) is a government agency with a mission to “create strong, sustainable, inclusive communities and qualify affordable homes for all.” As the Mission Statement suggests, the focus of the HUD program is to provide affordable housing to those in need. In order to do so, a prospective resident must meet certain restrictions. One of the restrictions is that a household must have a total annual income below a certain amount as specified by HUD. This “limit” is referred to as the income limit.
What is an Income Limit?
For Affordable Housing, the income limit is the maximum amount a household’s total annual income can be in order to qualify for residency. The Income Limits are generally posted annually and are published by area. The calculation for the income limit is based off of the Area Median Income (AMI) of the specified area and is broken out on a per person basis. For example, if a 4-person household would like to live in an Affordable Housing property. In order to verify if the household qualifies, the property will compare the household’s total annual income by the 4-person household income limit for their area. If the household’s income is greater than the limit, then the household does not qualify. If the household falls at or below the income limit, then they qualify.
Additional Information Available
For more information on how to update the Income Limits in your Yardi Software, please use the links below to access the appropriate documentation on Client Central. Please note that you will need to log-in to your usual Client Central landing page to access the documents.
Classic
Tax Credit Income Limit Tables
For more information regarding HUD or Income Limits, please visit Ross Business Development’s website at www.rbdnow.com
