In response to the latest income limits from HUD, updates have been made to your database for HUD and Tax Credit properties. Please review the link below to make sure your properties have been updated correctly. To review which income limits are in effect, run the Community Income Limits report under Property Manager > Reports. Income Limits are assigned to a Community at the Community Detail > Program Info tab.
Note: You should review any certs created between 3/19/09 and 3/30/09 that are effective after 3/19/09. They may need to be rebuilt if you expect them to reflect the new income limits.
HUD has published new income limits effective on March 19, 2009. If you are interested, the link to the HUD Income limits is: http://www.huduser.org/datasets/il.html. From there, click on the FY2009 Income Limits link to get to the new data and materials that discuss the methodology used in generating the limits.
Tax Credit has its own limits: In the past, the HUD Section 8 income limits were also used for low income housing tax credit and tax exempt bond purposes. However, the Housing and Economic Recovery Act of 2008 (HERA) has caused HUD to publish income limits for these funding programs separately. These income limits are found at: http://www.huduser.org/datasets/mtsp.html. HUD is referring to these as Multifamily Tax Subsidy Projects (MTSP) income limits.
HERA Special Income limits: In addition to the ”regular” MTSP income limits, some regions have ”special” limits. If a tax credit community was placed in service earlier than January 1, 2009 and is in a region that has special limits, it must use the special limits. Otherwise, it must use the regular limits. Bostonpost has set each of your Tax Credit or Bond communities to use the regular or HERA special limits based on the Placed in Service Date and whether the region has special limits. If Placed in Service dates on the Contract tab were left blank, we set the community to use special limits as if the Placed in Service Date was 2008 or earlier.
Important! To verify your income limits are correct for each community:
Run the Community Income Limits Report. For each community and funding program, the report lists whether HUD or MTSP income limits are in effect, and the income limit region. A ’HERA’ suffix on the income limit region indicates that special income limits are in effect.
If you have questions or concerns about the limits in use at your community, please contact Bostonpost Client Support at myMRI or contact a Client Support Analyst directly at (877) 579-8896 for assistance.
Note: When the Rural Housing income limits are published, they will be added to the database as will the new HOME limits when they are out. The effective dates for both the Rural Housing and the HOME limits will be different than those the Section 8 and MTSP limits.