2024 MRB/MCC Safe Harbor Income Limits Released By HUD

HUD has released its Income Limits for 2024.

These HUD income numbers are also the IRS's safe harbor income limit guidance for single family mortgage revenue bonds (MRBs) and mortgage credit certificates (MCCs). (The MRB/MCC income limit for a jurisdiction is two times the applicable HUD "very low income" limit number.) Every year the IRS area median income is either the current HUD publication of area median incomes or the previous year HUD publication of area median incomes. The choice of the applicable area median income numbers to be applied in a particular year is at the option of the issuer of the MRBs or the sponsor of the MCC program, and with respect to any county/MSA can be the greater of the state median income number or the local county/MSA income number. The income test is applied at the time that the mortgage loan or the MCC is committed to the mortgagor. Furthermore, as a transition rule, for 90 days following HUD's publication of new median income