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Multifamily Housing eNews
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May 22, 2024
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Updated Multifamily HOME Investment Partnerships Program and National Housing Trust Fund Rent and Income Limits
The United States Department of Housing and Urban Development (HUD) recently released the FY2024 rent and income limits for HOME Investment Partnerships Program (HOME) and National Housing Trust Fund (NHTF). You can find the new limits on Minnesota Housing’s Multifamily Rent and Income Limits webpage. Per HUD, these limits have an effective date of June 1, 2024, and cannot be used until this date. You must continue using the FY2023 income limits until June 1, 2024.
Program regulations do not require properties to increase rents to match the new limits. However, if FY2024 income or rent limits have decreased from last year’s limits, the new, lower limits must be used starting June 1, 2024. Note that owners are not required to lower rents below those in effect at the time of project commitment.
Questions?
Contact Tere Hopponen at tere.hopponen@state.mn.us or your assigned Compliance Officer.
About Minnesota Housing
Minnesota Housing, the state’s housing finance agency, works to provide access to safe, stable and accessible housing Minnesotans can afford in a community of their choice. In 2023, the Agency distributed $1.85 billion in resources and served 69,500 households. Visit our website to learn more.
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