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Program Income and Rent Limits and Fair Market Rents

Virginia Housing provides calculated program income and rent limits used for all properties in the Virginia Housing portfolio, including Virginia Housing-financed properties, projects with a Tax Credit Allocation, as well as serviced rental properties. Owners must review income limits published annually to ensure the appropriate income limits and rents (if applicable) are being utilized to benefit the property.

Virginia Housing created an Excel spreadsheet to assist owners in determining the appropriate limits to use for Tax Credit projects and properties with Virginia Housing Conventional Loans. The Virginia Housing Program Limits Calculator Excel form includes the MTSP, HERA Special, and National Non-Metropolitan calculated program income and rent limits for Tax Credit, Tax Exempt Bond projects, and the Virginia Housing approved not Adjusted for Family Size limits applied in properties with Virginia Housing Conventional loan programs.

The information provided is for informational purposes. The owner is responsible for ensuring the appropriate income and rent is applied in the property to avoid non-compliance.

 Program Limits Calculator

Program Limits Memo Program Limits Memo


Section 8 Income Limits

The HUD published Section 8 limits are used to determine the income for Virginia Housing-financed Conventional Loan properties, properties with Section 8, and the Housing Choice Voucher Program. The HUD published Multi-Family Tax Subsidy Program (MTSP) Income Limits must be used for projects with 9% Tax Credits and 4% Tax Exempt Bond.

The income limits applicable for Virginia Housing Conventional Loan programs can be found in the Program Limits Calculator Excel document.

The published HUD Section 8 limits can be found https://www.huduser.gov/portal/datasets/il.html

Review the MEMO-Virginia Housing Loan Program Limits applicable for Virginia Housing-financed properties.

Section 8 Income Limits Section 8 Income Limits


Tax Credit program Income and Rent Limits

Low Income Housing Tax Credit and Tax Exempt Bond properties must use the Multifamily Tax Subsidy Project (MTSP)income limits. Tax Credit and Tax Exempt Bond properties are held harmless from income limit and/or rent reductions. These communities may use the highest income limits used for applicant/resident qualification and/or rent calculation purposes since the property has been in service.

The published HUD Multifamily Tax Subsidy Project (MTSP) income limits can be found https://www.huduser.gov/portal/datasets/mtsp.html

LIHTC Calculated Program Rent
Rents on qualified tax credit units are restricted. Maximum allowable rent is based on the number of bedrooms and AMI as established annually by HUD. If a household pays for utilities, the maximum rent must be adjusted by the applicable utility allowance.

The current chart with the current calculated rent applicable for projects with a 9% Tax Credit Allocation or 4% Tax Exempt Bond financing can be found here.

For additional information on HERA Special Income limits, Average Income or Archived income and rent information, click here.


Fair Market Rents

Fair Market Rents  Fair Market Rents

 

NOTE: You will need Adobe’s Acrobat Reader (.pdf), and/or Microsoft Office Software in order to view some of the documents on this page.

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