Office of Portfolio Management

Compliance Monitoring & Asset Management

March 30, 2016

HUD Releases 2016 Income Limits

HUD has published the 2016 income limits for Multi-Family Tax Credit Subsidy Projects (MTSP) and Section 8 Programs effective March 28, 2016. The limits and may be found here: https://www.huduser.gov/portal/datasets/mtsp.html.

As per Revenue Rule 94-57, HUD income limits must be implemented on the effective date or 45 days from the HUD effective date, whichever is later. Your property may be affected by the newly published limits based on the placed in service date.

HUD has not released the 2016 income or rent limits for the HOME program. Continue to refer to the HUD 2015 HOME rent and income limits.

Reminder: Deadline Approaching for Annual Owner Certifications

Annual Owner Certifications (AOCs) are due Thursday 3/31/2016. AOC reports are required for projects with LIHTC, HOME, NSP, TCAP, and 1602 Exchange funds.

Project owners who do not report will receive a notice of non-compliance. Notices of non-compliance will be issued during the month of April. Failure to respond and report as required may result in an 8823 for each BIN in the project.

Please note that uncorrected non-compliance may also affect scoring during the upcoming Competitive Round.

See the DCA Website for FAQ and the link to the electronic submission: Compliance Website

Upcoming Events / Deadlines

3/31/16 Annual Owner Certifications due
4/30/16 Home Property Audited Financial Reports due

The Georgia Department of Community Affairs is committed to providing all persons with equal access to its services, programs, activities, education and employment regardless of race, color, national origin, religion, sex, familial status, or disability.

For reasonable accommodations or alternate format information please contact compliance@dca.ga.gov