Novogradac & Company Llp

The U.S. Census Bureau released in September the American Community Survey data for 2022, which is the first step for the U.S. Department of Housing and Urban Development (HUD) to determine 2024 rent and income limits for low-income housing tax credit (LIHTC) properties. In this week's episode of the Tax Credit Tuesday podcast, Michael Novogradac, CPA, and Novogradac partner Thomas Stagg, CPA, discuss how the new data affects the income limits calculation, how HUD calculates the cap, how that could possibly change, how significant rent and income limits are compared to other financial considerations at an affordable housing property and whether HUD might use a different metric to determine the limits. They also discuss how rent and income limits affect the determination of difficult development areas and qualified census tracts and look at other resources to deepen your understanding of this issue.