The Department of Housing and Urban Development (HUD) released the median family incomes and income limits for 2024. The income limits are used to define the terms “very low-income,” “low income” and “extremely low-income,” effective April 1, 2024. Applicable programs include Public Housing, project-based Section 8, Section 8 Housing Choice Vouchers, Section 202 Supportive Housing for the Elderly, and Section 811 Housing for Persons with Disabilities. Revised income limits do not impact the eligibility of in-place residents, but certain HUD-assisted properties must use the new limits with new move-ins (and initial certifications) of residents, effective April 1, 2024. Also on April 1, HUD implemented its new 10% ceiling on the annual cap.
Since FY 2010, HUD has limited all annual increases to the greater of 5% or twice the change in the national median family income. Starting in 2024, HUD is specifying that the increase is subject to an absolute cap of 10%.