HUD released the 2014 Income Limits and Rent Limits on 12/18/2013 for Multifamily Rental Programs – Except HOME and SHIP. As a reminder, these limits must be implemented by 1/31/2014. Continue checking with your state agency for additional updates.
The 2008 Housing and Economic Recovery Act (HERA) amendments to Section 142(d)(2)(B) of the Internal Revenue Code included the following hold harmless provision, as stated by Janet Peterson, Florida Housing Finance Corporation.
A general rule that applies to all developments regardless of the location or when the development was first placed in service. The general hold harmless provision is that the income limits for a project for any year will never be lower than the income limits used by the project in the preceding year and establishes what, effectively, is a moving floor for a project’s income limits. This change to the tax law formalized HUDs longstanding policy of setting income limits at the higher of normal income limit calculations or at the previous year’s income limits but applies it on a project basis.