2012 Tax Credit Income Limits Announced

Due to the Housing and Economic Recovery Act of 2008 (Public Law 110-289) the HUD income limits, effective December 1, 2011, may not be applicable to projects financed with Section 42 Low Income Housing Tax Credits (LIHTC) or section 142 tax exempt private equity bonds.

These projects should use the Multifamily Tax Subsidy Project Income Limits available online. The 2012 income limits for these properties were posted today.  The MTSP (tax credit) income limits must be implemented within 45 days.

The MTSP income Limits are used to determine qualification levels as well as set maximum rental rates for projects funded with tax credits authorized under section 42 of the Internal Revenue Code (the Code) and projects financed with tax exempt housing bonds issued to provide qualified residential rental development under section 142 of the Code.

The limits identified in the MTSP Income Limits tables and MTSP Documentation system as "HERA Special" Income Limits are only for use by projects in service in 2007 or 2008.

Contact Julie Martin, Aging Services of Washington for assistance.