April 6, 2020
IFA Compliance Updates
2020 LIHTC INCOME AND RENT LIMITS NOW AVAILABLE
The 2020 LIHTC Income and Rent Limits were recently released and are effective as of April 1, 2020. The Iowa Finance Authority has prepared an Income and Rent Limits document for your reference It can be found on the IFA Compliance page under the heading, Current Income & Rent Limits.

This document is provided as a courtesy to our owners/management agents. As always, I recommend that you also check other sources to ensure you are using the correct limits for your property/ies. One source to check is the Novagradac income/rent calculator . As of today, they do not yet have the 2020 version available, but are working on implementation.
2020 HOME LIMITS
Despite HUD’s best intentions to release the HOME income and rent limits at the same time as they release the LIHTC limits, the HOME data for 2020 is not in and limits have not been released. For purposes of projects that contain both LIHTC and HOME units, continue to use the 2019 HOME numbers until the 2020 limits are released. The limits will be shared and posted to the IFA website after they have been released. Recent years documents have been released in early June.

2020 HOME RENT INCREASES
When the 2020 HOME Income and Rent documentation is released by HUD all projects with HOME funds will be notified to submit their 2020 HOME Rent Approval Worksheets. This year the IFA staff will be processing all rent approval documents. The updated documentation will be posted on the IFA Compliance page within the next 30 days in preparation for the release of the HOME limits.
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