Rent and Income Limits
Income Limit Updates
The 2024 Multifamily Tax Subsidy Projects (MTSP) Income Limits have been posted to the HUD website. Click HERE to determine your county's corresponding income limits, effective April 1, 2024. It must be implemented by May 16, 2024.
Posted income limits and corresponding rental rates may not be applicable to your specific property and its Placed-In-Service date.
Factors to consider when calculating rents would include:
- Project Funding Sources
- Project Programs
- Project Placed-in-Service Date (to include HERA Special, Gross Floor Rent Determination, LURC and/or LURA Rent Restrictions and Set Asides)
Be sure to consult with your Management Company, Compliance Department, Owner, Legal Counsel, and/or Accountant, to confirm and verify the accuracy of any posted rents used in your calculation and rent determination.
MTSPs are projects funded with tax credits authorized under Section 42 of the Internal Revenue Code (IRC) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under IRC Section 142.
*INCOME AVERAGING INCOME LIMITS*
The Consolidated Appropriations Act of 2018, added a 3rd minimum set-aside test, the average income test for LIHTC projects.
Click here to view the income averaging limits (20%, 30%, 40%, 50%, 60%, 70%, 80%) based on the FY 2019 Multifamily Tax Subsidy Project (MTSP) Income Limits for any area of the country selected by the user.
The income limits are calculated in accord with IRS Revenue Ruling 2020-4
*FDIC LIMITS*
Income and Rent limits for 2024 have been posted to the FDIC Affordable Housing Program website. The effective date of the limits is 05/16/2024. Please visit the FDIC site here to review your limits and contact Compliance@dca.ga.gov with any questions concerning your limits.
HOME RENTS
Please note: the HOME, CDBG, NSP, and NHTF programs are NOT covered by these limits. These are published by HUD-CPD and generally follow in a month or two. Similarly, Rural Development programs have limits based on HUD's limits but are effective at a time RD assigns. Watch this space for those announcements
You can sign up here to be included on the HUD Exchange Mailing list, to receive messages for any updates on income limits and the HOME program.
Policy Updates
*RENT INCREASE POLICY*
Please review the DCA LIHTC & HOME Compliance Manual for the Rent Increase Policy. The below information has been retained for archival purposes.
- Effective 12/1/2018, proposed rent increases that exceed 5% of the net tenant rent for in-place tenants will require 120 days’ written notification of the increase to the tenant, with the option for the tenant to terminate the lease contract with no penalty or fees
- Effective 1/1/2020, only (1) rent increase per recertification period may be implemented for each in-place tenant
The new rent increase policy applies to all projects in the LIHTC and HOME programs. Please visit our Updates page to review our previous notifications related to rent increase policy.
Please email Compliance@dca.ga.gov with any questions.
