Select Metro FY 2023 HUD Median Family Income Projections: Both Corvallis and San Francisco Have Projected DECREASES.

Last week I posted my projections for Portland Metro HUD MFI increases for FY 2023, including project LIHTC rent increases by bedroom size.

In my post I noted that not ALL areas would have projected MFI increases. Over the weekend I did projections for Oregon metro areas and for a few metro areas outside of Oregon. The table I created is pasted below.

Observations

TWO Oregon metro areas are projected for DECREASES. Salem has a minor decrease of .1%  while Corvallis has a major decrease of 11.7%.  In FY 2022 the Corvallis metro MFI was about $5,000 HIGHER than the Portland metro HUD MFI, but for 2023 the projections show (without any adjustments or caps) that their HUD MFI would be $16,000 BELOW the Portland metro HUD MFI. 

Outside of Oregon our sister Portland on the East coast has a projected decrease of 3.8% but San Francisco has an even higher projected decrease of  4.7%. 

As noted before these are NOT official HUD Median Family Incomes for FY 2023; always act only on official OHCS and HUD income and rent publications. 

Also, HUD or state or local government agencies may limit or cap annual decreases or increases in income limits and affordable rents. Individual projects may also have elected income limit floors that could limit the rate of decrease. 

 Originally created and posted on the Oregon Housing Blog.