On May 15, HUD issued FY 23 income limits, which are used to determine eligibility for HUD-assisted programs and properties subsidized through the Low Income Housing Tax Credits (LIHTC).
HUD’s webpage explains that FY 23 median family incomes and income limits would ordinarily be based on the ACS 2020 estimates, however the Census Bureau does not have adequate data for 2020 due to the impacts of the COVID-19 pandemic. Instead, HUD is basing FY 23 median family incomes and income limits on ACS 2021 data. This ACS data was not available until earlier this year, which delayed the release of this year’s income limits from HUD's traditional release in April.
These limits are applicable to public housing, Section 8, Section 221(d)(3) and Section 236 properties. HUD also publishes Multifamily Tax Subsidy Projects income limits to determine eligibility for the LIHTC and tax-exempt bond properties and are effective as of May 15, 2023.
For detailed information from HUD’s webpage and to view the income limit charts, click here.