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. 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
Updated income limits have been added to the Property Manager database and are now available for use.
Note: You should review any certs created between 5/14/10 and 5/21/10 that are effective after 5/14/10. They may need to be rebuilt if you expect them to reflect the new income limits.
HUD has published new income limits effective on May 14, 2010. If you are interested, the link to the HUD Income limits is: http://www.huduser.org/datasets/il.html. From there, click on the FY2010 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 - MTSP: 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. Starting with the 2010 limits, the Hold Harmless policy protects properties from declining income limits and restricted rents that would fall below 2009 or HERA Special levels.
New regulation allows properties to continue to use the previous income limits in effect if the new ones are lower. The logic for how to compute the right income limits is handled differently based on the Tax Credit Placed in Service date on each Tax Credit BIN.
From now on, in order for Property Manager to work correctly, each Tax Credit community BIN must have the correct Placed in Service Date as well as Income Limit Region. A null Placed In Service Date will be assumed to be less than 1/1/2009 for computation purposes. To make sure that these dates have been entered into Property Manager, navigate to the Community ->Contract tab. The Placed in Service Date field can be found in the BIN Details section of the Selected Contract.
A new tax credit property (through development or rehab/acquisition tax credits) with Placed In Service Date after the current Income Limit effective date will use the current year MTSP limits.
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 consider the Special limits when finding the income limits to use. Otherwise, the property only considers the MTSP 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. If Placed in Service dates on the Community ->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 (Property Manager > Reports). For each community and funding program, the report lists whether HUD or MTSP (and/or HERA Special) income limits are in effect, and the income limit region.
The limits in effect for any community with Placed In Service date before 5/14/2010 are no longer simply visible on the 2010 income limit MTSP chart published by HUD because selecting the correct limit for these communities involves looking at the placed in service date and two years of income limit history . To see the limits considered by Property Manager when determining the correct income limit to use, run the Published Income Limits Report.
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.