HUD released the Section 8 and the Multifamily Tax Subsidy Projects (MTSP) Income Limits with an effective date of April 1, 2024 (until superseded). These income limits are used by housing developers to determine eligibility for CHFA bond financing and tax credit programs. In addition, the tables are also used by developers, property managers, and owners to determine affordable housing occupant eligibility (based on income) and rent limits.
These newly released MTSP Income Limits must be implemented no later than May 15, 2024 for Low-Income Housing Tax Credit properties.
The Consolidated Appropriations Act of 2018 establishes Income Averaging as a new minimum set-aside election for new Low-Income Housing Tax Credit (LIHTC) developments. Rent limits for the 20%, 30%, 40%, 70% and 80% Area Median Income (AMI) bands have been incorporated into our guidebook with the AMI bands that have been used in the past (25%, 50% and 60%) by CHFA.
Please see Income Limits Information below for Connecticut Section 8 and MTSP.