This section includes FY 2012 HUD Fair Market Rent (FMR) data, as well as income limits for low income housing tax credit (LIHTC Section 42 MTSP) properties and Section 8. Income limits are also provided for projects financed with the Section 236, Section 235 and Section 221(d)(3) BMIR programs.
For income limits and Fair Market Rents for different years and in other locations, please click here to use the search feature.
Median Family Income (MFI):
Regular vs HERA Special Income Limits:
Multifamily Tax Subsidy Project (MTSP) income limits are used to determine maximum household income limits for low income housing tax credit (LIHTC) Section 42 properties.
These income limits apply to both 9% competitive tax credit properties and to projects developed with 4% tax-exempt bonds. Maximum rents are derived from these income levels.
MTSP limits were introduced as part of the Housing and Economic Recovery Act of 2008 (HERA). Under HERA, the income limits that are applicable for LIHTC developments vary based upon the date that the project or individual building was placed in service, as well as by location. Accordingly, tax credit practitioners should verify that they are using the appropriate income levels prior to using this data.
"HERA Special" limits apply only to "impacted" properties. All properties that are classified as "impacted" were placed in service prior to 2009.
For income limits for different years and in other locations, please click here to use our search function.
|Household Size||50% of AMI||60% of AMI||HERA Special: 50% of AMI||HERA Special: 60% of AMI|
Fair Market Rent (FMR)
Lee County IL - 2012 Fair Market Rent (FMR) is used primarily to determine the payment standard for Housing Choice Vouchers. FMRs are "gross rent" estimates (rents inclusive of utility costs), calculated annually based upon 40th percentile rents for "standard-quality" market-rate rental housing units.
For Fair Market Rents for different years and in other locations, please click here to use our search function.
|Studio||1 bdrm||2 bdrm||3 bdrm||4 bdrm|
For information about Section 42 rent and income restrictions, click here for an introduction. To learn more about the specifics of calculating maximum LIHTC rents, click here for a more detailed explanation, including several examples.
Affordable housing becomes easier to understand once you have learned its lexicon. For a guide to common industry terminology, click here for our Affordable Housing - LIHTC glossary.
Westmont Advisors is proud to partner with LIHTC compliance experts TheoPRO to offer development compliance services and Section 42 training programs for LIHTC professionals, including property managers, developers, asset managers, syndicators and government agencies. Click here to learn more.
Section 8 Income Limits
Lee County IL - 2012
|Household Size||50% of AMI||Extremely Low Income (ELI)||80% of AMI|
Section 236, Section 235, Section 221(d)(3) BMIR Income Limits
Lee County IL - 2012
|Household Size||Section 236||Section 235||BMIR|
Please do not hesitate to contact us for more information about our consulting and advisory services for real estate acquisition, asset management and tax credits, including the Low Income Housing Tax Credit (LIHTC) and Historic Tax Credit (HTC), as well as other real estate matters. Click here to learn more about our team.
For income limits and Fair Market Rents for different years and in other locations, please click here to use our search function.
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