(a) HOME and TCAP RF Developments must use the HOME
Program Income and Rent Limits that are calculated annually by HUD's
Office of Policy Development and Research (PDR). The limits are made
available for each Metropolitan Statistical Areas (MSA), Primary Metropolitan
Statistical Areas (PMSA) and Area, District or County by State.
(1) Upon publication, the Department will determine
which counties are in each MSA, PMSA, Area or District.
(2) Generally, PDR publishes income limits in tables
identifying the following Area Median Gross Income (AMGI) by household
size:
(A) Extremely LowIncome Limits which are generally
30% of median income, which will be shown as the 30% limit in the
Department's income limits;
(B) Very LowIncome Limits which are generally 50%
of median income, which will be shown as the 50% limit in the Department's
income limits;
(C) 60% Limits;
(D) LowIncome Limits which are generally 80% of the
median income, but capped at the national median income with some
exceptions which will be shown as the 80% limits in the Department's
income limits.
(3) If not published, the Department will use the following
methodology to calculate, without rounding, additional income limits
from the HOME Program income limits released by PDR:
(A) To calculate the 30% AMGI, the 50% AMGI limit will
be multiplied by .60 or 60%.
(B) To calculate the 40% AMGI, the 50% AMGI limit will
be multiplied by .80 or 80%.
(C) To calculate the 60% AMGI, the 50% AMGI limit will
be multiplied by 1.2 or 120%.
(b) PDR publishes High and Low HOME rent limits by
bedroom size.
(c) PDR does not publish a 30% or 40% rent limits that
certain HOME and TCAP RF Developments are required to use. These limits
will be calculated using the same formulas described in §10.1004
of this subchapter (relating to Housing Tax Credit Properties, TCAP,
Exchange and SHTF).
(d) In the event that PDR publishes rent limits after
the HOME program income limits, the Department permits HOME and TCAP
RF Developments to delay the implementation of the 30% and 40% rent
limits until the High and Low HOME rent limits must be used.
(e) NSP income limits are published annually by HUD
for each county with tables identifying the 50% AMGI and 120% AMGI
for household size. If not published, the Department will use the
following methodology to calculate, without rounding, additional income
limits from the HOME Program income limits released by HUD:
(1) To calculate the 30% AMGI, the 50% AMGI limit will
be multiplied by .60 or 60%.
(2) To calculate the 40% AMGI, the 50% AMGI limit will
be multiplied by .80 or 80%.
(3) To calculate the 60% AMGI, the 50% AMGI limit will
be multiplied by 1.2 or 120%.
(4) To calculate the 80% AMGI, the 50% AMGI limit will
be multiplied by 1.6 or 160%.
(f) If the LURA for an NSP Development restricts rents,
the amount of rent the Development Owner is permitted to charge will
be the High or Low HOME rent published by PDR or calculated in the
same manner described in §10.1004 of this subchapter using the
HOME income limits.
