Income Calculations

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Automatically including all Flex Card benefits as income can lead to certifications that exceed the maximum income limit.

The trend in limit increases has continued.

Income limit increases to be capped at 10 percent.

On Jan. 10, HUD published a notice on changes the agency is intending to implement to the methodology used for calculating Section 8 income limits. HUD publishes these income limits each year based on changes to each housing area’s median income. In calculating the income limits for each housing area, HUD relies on census data, subject to various rules and adjustments. We’ll take a close...

We review how to anticipate 2024 income with deductions for business or medical use of a car.

The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

With the recent notice, the 2024 business standard mileage rate is increasing to 67 cents, up 1.5 cents from 2023. In addition to the ...

The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 71 million Americans will increase 3.2 percent in 2024. The cost-of-living adjustment (COLA) will begin with benefits payable to more than 66 million Social Security beneficiaries in January 2024. Increased payments to approximately 7.5 million SSI beneficiaries will begin on Dec. 29, 2023. The COLA increase also applies ...

The average increase across all areas was 5.45 percent.

On May 15, HUD issued the fiscal year 2023 income limits that determine eligibility for various HUD-assisted housing programs, including the Public Housing, Section 8 Project-Based, Section 8 Housing Choice Voucher, Section 202 Housing for the Elderly, and Section 811 Housing for Persons with Disabilities programs. The income limits became effective immediately and can be found at Read More

HUD’s Office of Multifamily Housing recently issued a memo on the treatment of solar benefits for residents in master-metered buildings that use community or rooftop solar power. The guidance addresses how building owners can distribute the financial benefits of community or rooftop solar to residents who reside in master-metered buildings and don’t have an individual electricity bill.