2010 Rent and Income Limits Available for Download
INFORMATION FOR VISITORS TO THE IHDA WEB SITE
The Maximum Income and Rent Schedules found at this web site are for the use of applicants for either
IHDA financing or State and Federal Tax Credits, and most of the existing developments already participating in one or more
of IHDA's housing programs. If you have any doubts as to the applicability of these schedules to your particular development
or if you have any questions about the schedules, PLEASE CONTACT either the Loan Officer, Asset Manager or
Compliance Officer assigned to your development. Additional information concerning the various schedules is provided below.
Please review this information before utilizing the data found in the schedules.
FOR 2010, HUD AND THE IRS HAVE PUBLISHED SPECIFIC GUIDENCE REGARDING THE INCOME & RENT LIMITS
FOR THOSE LOW INCOME HOUSING TAX CREDIT DEVELOPMENTS (4% & 9%) WHICH PLACED IN SERVICE BETWEEN
1/1/2009 AND 5/14/2010.
AT THIS TIME, THE SCHEDULES FOUND AT IHDA'S WEB SITE, DO NOT PROVIDE INCOME & RENT LIMITS
FOR THESE DEVELOPMENTS. CERTAIN CONDITONS APPLY TO THESE DEVELOPMENTS AND
THOSE CONDITIONS HAVE NOT BEEN ADDRESSED.
IHDA IS IN THE PROCESS OF DEVELOPING THE LIMITS FOR THESE DEVELOPMENTS. THE UNIQUNESS OF THESE
DEVELOPMENTS' LIMITS MAY REQUIRE IHDA TO PUBLISH SEPARATE LIMITS FOR EACH DEVELOPMENT. Maximum Income Limit Schedule:
The Maximum Income Limit Schedule provides income limits at several different levels, i.e. 50%, 60%, 80%, etc,
for the purpose of determining tenant eligibility in IHDA's housing programs. Currently, no single IHDA housing program utilizes all of these levels, however; most programs do use more than one limit. Developments which participate in more than one program, typically utilize the more restrictive set of limits. However, this may not always be true. In those instances, IHDA will determine the correct limits and provide the information via an IHDA approved Rental Schedule. Therefore, the user is cautioned about using this schedule unless they are certain which level(s) applies to their situation.
Points of Interest:
Frequently income limits are referred to as being percents of the 'Area Median Income' or AMI.
While this is a common practice, it is also technically inaccurate. Very few, if any of the limits are actually calculated
using just the AMI. HUD's methodology for calculating their limits can be found on their web site.
The 120% Income and Rent limits are only to be used with single family projects applying for the
State's Affordable (Donation) Tax Credit Program.
HUD has published "Special Income Limits" for use by certain developments, see "Eligible Properties" below.
These special limits are referred to as "HERA Limits." The attached schedule includes these limits.
This year, 2010, HUD has published HERA limits for some counties that did not have HERA limits in 2009. In addition, some counties that had HERA limits published in 2009, do not have HERA limits in 2010. This is a result of HUD comparing the HERA limits to the regular Section 8 Limits. If the Section 8 Limits are equal to or higher than the HERA Limits, then HUD does not publish HERA Limits. In this situation, eligible properties should use the Regular Limits.
ELIGIBLE PROPERTIES:
ONLY those developments participating in the LIHTC Program or receiving Tax Exempt Bond financing and were Placed In Service prior to January 1st, 2009 and were "in service" during 2007 or 2008, are authorized to use the HERA Limits.
INELIGIBLE PROPERTIES:
HERA Limits are not available to developments that are Placed In Service after December 31, 2008. The date the Tax Credits were awarded is not used to determine eligibility to use the HERA Limits. HERA Limits are not available to new applications for LIHTC.
Developments participating in multiple affordable housing programs, i.e., LIHTC plus HOME, Section 8, Section 236,
Illinois Affordable Housing Trust Fund or Illinois Affordable Housing Tax Credit, etc., are, as they always have been, limited by the most restrictive set of applicable Income Limits. Currently, the only housing programs authorized to use the HERA Limits are the LIHTC Program (Sec. 42) and Tax Exempt Bond financed (Sec. 142), see Eligible Properties above. Therefore, if an otherwise HERA eligible development is participating in another housing program, the HERA Limits may not be available for use. The user will need to determine which set of Income Limits is the most restrictive. This decision may be on a unit by unit basis.
Maximum Monthly Rent Schedule
These rents represent the maximum permissible rents for both underwriting purposes under the various IHDA housing
programs and for most Programs, on-going operational purposes. Therefore, this schedule is used by both applicants/sponsors
applying for either IHDA financing or State and Federal Tax Credits, as well as owners of existing developments.
For many existing properties, the appropriate rent is provided by IHDA's Asset Management Department
through the use of an IHDA approved Rental Schedule. Therefore, existing properties, which have received financing through one of IHDA's housing programs, should not use this schedule to determine their maximum or approved rents, but instead refer to their IHDA approved Rental Schedule.
There is one notable exception to this rule. Developments which only participate, through IHDA, in the State or
Federal Tax Credit program, will not receive an IHDA approved Rental Schedule. Operators of these developments must refer to this schedule to determine the appropriate maximum rent(s).
Again, it is recommended that if the user is not certain about whether or not to use this schedule, they should contact
either the Loan Officer, Asset Manager or Compliance Officer assigned to their property.
Maximum Rents, except for the HOME Rents, are derived from the corresponding income limits. Because of this relationship with the Income Limits, the Rents have the same unique applicability standards as the Income Limits.
Again this year, there are "Special Maximum Rent Limits" for certain Counties and developments. These special rents are referred to as "HERA Rents." The attached maximum rent schedule includes these special rents.
ELIGIBLE PROPERTIES:
ONLY those developments participating in the LIHTC program that were "Placed In Service" prior to December 31, 2008 and
that were "in service" during 2007 or 2008, are authorized to utilize the HERA Rents.
INELIGIBLE PROPERTIES:
HERA Rents are not available to developments that are Placed In Service after December 31, 2008. The date of the award of Tax Credits is not used to determine eligibility to use the HERA Rents. HERA Rents are not available to new applications for LIHTC.
Developments participating in multiple affordable housing programs, i.e., LIHTC plus HOME, Section 8, Section 236,
Illinois Affordable Housing Trust Fund or Illinois Affordable Housing Tax Credit, etc., are, as they always have been, limited by the most restrictive set of applicable Maximum Rents. Currently, the only housing program authorized to use the HERA Rents is the LIHTC Program, see Eligible Properties above. Therefore, if an eligible LIHTC development is also participating in another housing program, the HERA Rents may not be available for use. The user will need to determine which set of Maximum Rents is the most restrictive. This evaluation can be performed at the unit level if appropriate.
Maximum HOME Rents
The maximum HOME rents effective 4/27/2009 are included.
This schedule applies only to those developments which are participating in the HUD HOME Program. If the user is searching for information relevant to an existing IHDA property, the appropriate rents will be provided by the Asset Management Department through the use of an approved IHDA Rental Schedule.
If you are a new HOME Program applicant/sponsor, please remember that for developments participating in more than
one housing program, the more restrictive criteria will probably apply. It is recommended that if the user is not certain about whether or not to use this schedule, they contact either the Loan Officer, Asset Manager or Compliance Officer assigned to their property.
HUD Reporting Figures
These Income Limits are to be used by developments participating in the following programs: HOME, Sec. 8, & Sec. 236 and are solely for reporting purposes. These income limits SHOULD NOT be used for DETERMINING ELIGIBILITY.
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