RHIIP Listserv #436 - Fiscal Year 2020 (FY2020) Income Limits Released
- By: admin
- On: 04/16/2020 15:27:51
- In: RHIIP Notices
HUD has released the median family incomes and income limits for Fiscal Year (FY) 2020.
Fiscal Year 2020 (FY2020) Income Limits Released
HUD has released the median family incomes and income limits for Fiscal Year (FY) 2020. Median incomes are used as the basis for income limits in several HUD programs, including the Public Housing, Section 8 Housing Choice and Project-Based Voucher, Section 202 housing for the elderly, and Section 811 housing for persons with disabilities programs, as well as in programs run by agencies such as the Department of the Treasury, the Department of Agriculture, and the Federal Housing Finance Agency. Community planning and development programs, as well as HOME investments, also rely on HUD income limits in their administration.
FY 2020 median family incomes are calculated for all metropolitan and non-metropolitan counties in the U.S. and Puerto Rico using data from the 2017 American Community Survey and from the Puerto Rico Community Survey. Values are projected forward to the midpoint of FY 2020 using a Consumer Price Index (CPI) forecast. The very low-income limits (usually calculated as 50 percent of median incomes) are the basis for calculating all other income limits, as they are the most rigorously defined. Income limits are adjusted according to family size. The FY 2020 median family income estimates and income limits are based on metropolitan area definitions, defined by the Office of Management and Budget (OMB) using community relationships from the 2010 Decennial Census, as updated through 2017.
Visit the FY 2020 Income Limits page on HUD User to access the data and documentation.