Where are those income limits?

Written by Harold Tucker, Compliance Analyst for the state of Connecticut

 

It’s almost June 2011 and HUD has yet to release the 2011 income limits. This can make people a little panicky. Did we miss them being announced? Do the old limits expire? Where can I check to see if they have actually been published? I hope to address a few of these questions and put your mind at ease.
  • DID WE MISS THE NEW LIMITS BEING PUBLISHED
  • NO. As of today’s date 5/24/2011 you have not missed them being published. In 2010, the limits were not published until May 14. Here at Spectrum we will put a notice on our website once the limits are published by HUD. So make sure to check our website daily.
  • DO INCOME LIMITS EXPIRE
  • NO. Limits do not expire. You should continue to use your previous year limits until the new limits are published. If the previous year income limits were published on May 14, 2010 they do not simply expire as of  May 14, 2011 the following year. You continuing to use the current published income limits until HUD as published and posted the new limits.
  • WHERE CAN I CHECK TO SEE IF THE NEW LIMITS HAVE
  • Most state agencies will post income limits on their websites. If you can not locate the limits at your state agency website you can always find the new income limits at HUDThey have been publishing the income limits since 1995. Again, Spectrum will put a notice on our website once the limits are published.
  • 45 DAY RULE
  • Owners must use the new income limits no later than 45 days after the effective date of when they are published. By not establishing your new income limits within 45 days of when they are published you run the risk of noncompliance.
Remember there are many great resources out there to help you when dealing with your tax credit questions. Here at Spectrum we are always just a phone call away. (207-767-8000).

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