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On April 1, 2024, the U.S. Department of Housing and Urban Development (HUD) published its Multifamily Tax Subsidy Projects (MTSP) income limits for 2024. These income limits are used for determining the maximum allowable income for a Low-Income Housing Tax Credit (LIHTC)-eligible household and, in accordance with 26 U.S.C. §42(g)(2)(C), the maximum gross (i.e., including any allowable tenant utility allowance) LIHTC rent.
In accordance with FR-6436-N-01 and beginning with 2024 MTSP income limits, HUD has established a year-over-year increase limitation of 10% regardless of the increase in national median family income. Across all Ohio counties, the average increase in maximum MTSP income limits was 4.6% from 2023 to 2024. Click here to download a spreadsheet that can be used to calculate maximum 2024 LIHTC rents based on imputed Area Median Income (AMI) limitations.
For more information on how HUD calculates maximum MTSP income limits, visit HUD’s website here.
Additionally, OHFA has uploaded a revised 4% LIHTC-only Affordable Housing Funding Application (AHFA) with updated 2024 LIHTC rents.
Note: This AHFA should be used for applicants seeking 4% LIHTCs from OHFA only (i.e., no Ohio LIHTC or Bond Gap Financing paired with 4% LIHTCs).
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