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CHFA Multifamily Program Compliance eNews |
December 9, 2011 |
HUD 2012 Income Limits and Maximum Rents ReleasedThe US Department of Housing and Urban Development (HUD) released income limits for 2012 on December 1, 2011. LIHTC income and rent limits for Colorado are now available on CHFA’s website .IRS Revenue Ruling 94-57 allows taxpayers to rely on the old income limits and maximum rents until 45 days after HUD has released the new income limits for that year. The new income and rent limits must be implemented immediately for new move-ins and no later than January 13, 2012, for all other certifications. Please note that the HERA limits are still in place in many counties. Some counties have been removed. Please remember that in order to be eligible to use the higher HERA limits, the project must have placed in service as of the end of 2008. This IRS rule is implemented on a project basis instead of a country basis, which can result in projects in the same county having different rent and income limits. The hold harmless limits do not apply to HUD, RD, or HOME properties. You must know the placed-in-service year for the project in order to use the correct income limits. Remember, once your project is in service, it is not subject to any decreases in income limits. If you have any questions, please contact your Asset Management Officer or call Heather Staggs at 303.297.7362 or visit our website at the link included above. |
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