Monday, June 30, 2014

Final HUD 30% Income Limits Will Have Variable Impact In Oregon and May Help Improve Project Feasibility.

Readers may recall my prior post HERE, where I indicated that final limits would require publication of a HUD notice, which would likely cap new 30% income limits to no more than the 50% of MFI limits. 

Thanks to heads up from NLIHC, I dug out the final HUD 2014 XLI /30% MFI limits from a new HUD FR Notice and did an updated Excel workbook HERE ,and embedded below, that shows these new extremely low income/ 30% MFI limit compared to the prior 2014 XLI limits.   

To see limits and changes for your county just select the county from the pull down menu; the default shows Multnomah County (Portland MSA).[ If you run into problems getting the pull down to work on your browser, just download the Excel file to your device]

In the Portland Metro area the table shows that for a 4 person extremely low income family in 2014 the income level increased by $3,050 /14.7% from the prior 2014 limit to $23,850 because of the final HUD notice (Implementing the statutory change made last year). 

Jackson County will see even a bigger increase for a family of four, jumping by $8,000/50.5% to $23,850.

For rental developments this likely will impact permissible rents which may help improve the feasibility of these developments. Not incidentally the new standards also better link to the existing definitions of poverty.

Originally created and posted on the Oregon Housing Blog.

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