It’s everyone’s favorite time of year. No, not Spring. It’s New Income Limit time! YIPEE!
I know we all look forward to this wonderful time, and it finally happened on March 28!
Just a couple of things you need to know this year:
• HUD did not include the Determination of Maximum Income Limits Chart due to many geographic areas being re-defined. Because of this, HUD did not feel that this chart could be published accurately at this time. This DOES NOT mean that the HERA Hold Harmless limits have been eliminated – they have not!
• You never have to use an Income Limit lower than the previous year on already PIS (Placed in service) properties.
As always, if you have any questions or are unsure, please check with your monitoring agency to ensure you are using the correct limits! That’s what we’re here for!
Happy, Happy Spring everyone!