Please find an announcement below from HUD Exchange regarding FY 2022 Income and Rent Limits going in effect on June 15, 2022, for the HOME Investment Partnerships Program and the Housing Trust Fund Program.
The HOME Income Limits are calculated using the same methodology that HUD uses for calculating the income limits for the Section 8 program. The Housing Trust Fund Income Limits are calculated by using the formula that HUD uses for calculating the income limits for the Section 8 program (these limits are based on HUD estimates of median family income, with adjustments based on family size) and the Federal Poverty Line as determined by the U.S. Department of Health and Human services, published annually in the Federal Register.
The maximum HOME rents are calculated by using the lesser of the fair market rent for existing housing for comparable units in the area as established by HUD, or a rent that does not exceed 30 percent of the adjusted income of a family whose annual income equals 65 percent of the median income for the area, as determined by HUD, with adjustments for number of bedrooms in the unit. The HOME rent limits provided by HUD will include average occupancy per unit and adjusted income assumptions.
The FY 2022 Income Limits for the following programs are published and effective June 15, 2022:
Income limits for the following programs are also effective June 15, 2022, but not yet published:
Please note the CDBG-DR Income Limits for Puerto Rico and the U.S. Virgin Islands are published and effective April 18, 2022.
The FY 2022 Rent Limits for the following programs have also been published and effective June 15, 2022:
Please note that the Income Calculator has not yet been updated with the FY 2022 Income Limits. Users should be aware that the FY 2021 Income Limits in place will continue to be used until the calculator is updated on June 15, 2022. A separate listserv will be sent once the calculator has been updated.