2024 Income Limits

Apr 3, 2024

HUD has announced the 2024 income limits for the MTSP housing programs effective April 1, 2024. This includes low income housing tax credits and tax exempt bond financing. HUD allows for a 45 day grace period, which means these limits must be in use by May 16, 2024.

Our advice to all housing professionals is to immediately check for an increase for your sites. If the income limits in your area have increased go back through any files denied over the past few months to see if any slightly over income households may qualify under the new limits.

To find your 2024 income limits visit this site (and make sure to bookmark it!):

https://www.huduser.gov/portal/datasets/mtsp.html

Subscribe via RSS

Recent News

2025 COLA Update: Impact on Affordable Housing Compliance

2025 COLA Update: Impact on Affordable Housing Compliance

The Social Security Administration (SSA) recently announced the Cost-of-Living Adjustment (COLA) for 2025 at 2.5%, the lowest adjustment since 2020 (1.3%). The average COLA increase over the past decade has been 2.6%. While this year’s adjustment is lower than 2024’s...

Minimum wage increases for 2024

Minimum wage increases for 2024

State 2023 Hourly Minimum Wage 2024 Hourly Minimum Wage Effective January 1, 2024 Alaska $10.85 $11.73 Arizona $13.85 $14.35 California $15.50 $16.00 Colorado $13.65 $14.42 Connecticut $15.00 $15.69 Delaware $11.75 $13.25 Hawaii $12.00 $14.00 Illinois $13.00 for...

HOTMA News for Private Consulting Clients

HOTMA News for Private Consulting Clients

While HUD is allowing the implementation of the regulations to be pushed until 7-1-25, Spectrum Compliance has made the decision to implement the HOTMA changes on 1-1-24.  This allows for a year of trial and error before all states mandate the changes.  We are in contact with all state agencies concerning when they expect to implement HOTMA, and many have reported it will be 1-1-24.