HOME and HTF Income and Rent Limits Effective July 1, 2020
From: Michal Machnowski
Date: July 2, 2020 at 8:27:11 AM EDT
To: Michal Machnowski
Cc: Larry Keys , Kris Cook
Subject: NAHMA HUD Update: HOME and HTF Income and Rent Limits Effective July 1, 2020
Dear NAHMA Members,
Below, please find an announcement from HUD Exchange regarding FY 2020 Income and Rent Limits going in effect on July 1, 2020, for the HOME Investment Partnerships Program and the Housing Trust Fund Program.
The HOME Income Limits are calculated using the same methodology that HUD uses for calculating the income limits for the Section 8 program. The Housing Trust Fund Income Limits are calculated by using the formula that HUD uses for calculating the income limits for the Section 8 program (these limits are based on HUD estimates of median family income, with adjustments based on family size) and the Federal Poverty Line as determined by the U.S. Department of Health and Human services, published annually in the Federal Register.
The maximum HOME rents are calculated by using the lesser of the fair market rent for existing housing for comparable units in the area as established by HUD, or a rent that does not exceed 30 percent of the adjusted income of a family whose annual income equals 65 percent of the median income for the area, as determined by HUD, with adjustments for number of bedrooms in the unit. The HOME rent limits provided by HUD will include average occupancy per unit and adjusted income assumptions.
Please visit the HUD provided links below for more information.
As of July 1, 2020, the FY 2020 Income and Rent Limits are in effect for the HOME Investment Partnerships Program (HOME) and Housing Trust Fund (HTF) Program.
How Does This Affect the Income Calculator?
All calculations that are currently in a user's dashboard in the CPD Income Eligibility Calculator, as well as calculations completed going forward, will use the FY 2020 Income Limits for the purposes of determining eligibility.
Although your data and calculations are accessible within the CPD Income Eligibility Calculator for a period of time, this tool is designed to allow you to more easily update a beneficiary’s income in the future – it is not a repository of income calculations completed in the past.
Now that the Income Calculator has been updated with FY 2020 Income Limits, calculations based on the FY 2019 Income Limits data are accessible only if downloaded from the calculator and saved to a user’s hard drive (or printed off) prior to today.
Please direct any comments or questions to info@hudexchange.info.