As per Revenue Ruling 94-57, income limits must be implemented on the effective date or within 45 days from the published date, whichever is later, which means this year's limits must be implemented no later than
May 16, 2018.
Overview of Changes:
- There are 33 counties this year with HERA Special Limits available for projects placed in service prior to January 1, 2009.
- Conversely, several counties who had HERA Special Limits in 2017 no longer have that option in 2018.
- If your project was placed into service between December 31, 2008 and March 30, 2018, you may use the vintage limits provided only if your Project is in one of the 13 counties designated in the Income and Rent Limit document provided.
- For new projects placing in service after the effective date of 4/1/2018 you must use the 2018 limits.
IFA has provided the rent and income limit charts back to 2004 on our website for your convenience.
If you are new to LIHTC Income & Rent limits or need a refresher course, IFA has provided a quick reference
presentation which will be posted to the IFA Compliance Page within the next few days.
HUD limits for the HOME Program have not yet been released. For purposes of projects that contain both LIHTC and HOME units, continue to use the 2017 HOME numbers.
If you have questions, please contact
Julie Noland, 515-725-4916.
|
