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Income and Rent Limits

 

Homeownership and multifamily developments that participate in the programs funded by the Florida Housing Finance Corporation (FHFC) must meet the income and rental requirements as determined by the FHFC.  Affordability is defined in terms of the income of the people living in the home. The family must be income eligible in terms of Broward County area median income (AMI), adjusted to family size.

The U.S. Department of Housing and Urban Development (HUD) has published fiscal year 2014 income limits used for Florida Housing Finance Corporation’s Low Income Housing Tax Credits, Tax Credit Exchange (TCEP) and Tax Exempt Bond (MMRB) programs.

FY 2014 Section 8 Income Limits are used to determine eligibility for Public Housing, Section 8 and other Section 3(b)(2) programs. 

FY 2014 Income Limits are used to determine eligibility for Section 221(d)(3) BMIR, Section 236, and Section 235.

Affordable means that monthly rents or mortgage payments including taxes and insurance do not exceed 30 percent of that amount which represents the percentage of the median annual gross income for the households as indicated in Section 420.9071 F.S.

Fair Market Rent Documentation System (FMR)  Access the current FMR and detailed summary of documentation/development for any area in the country.

Nationwide HOME Program Rent Limits  Access the current rent limits for any city/county in the country.

 

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