The income limits for Section 8 housing vary depending on several factors, including the location and the size of the household. These income limits are set by the U.S. Department of Housing and Urban Development (HUD) and are updated annually. The limits are designed to make sure that the program serves individuals and families with lower incomes.
HUD established income limits for various housing programs based on family size and as a percentage of the area median income (AMI). These income limits help determine eligibility for different income categories. Here are the three primary income categories defined by HUD:
- Extremely Low Income (ELI): This category is typically set at the higher of either the federal poverty level or 30% of the area median income. Eligibility for many housing assistance programs, including Section 8 Housing Choice Vouchers, is often targeted to individuals and families with extremely low incomes.
- Very Low Income (VLI): This category is defined as 50% of the area’s median income. Many housing programs, such as Section 8 project-based assistance, have income eligibility requirements that are set at or below this threshold.
- Low Income (LI): The low-income category is typically defined as 80% of the area’s median income. It serves as a broader income threshold for various housing programs, including homeownership programs and affordable rental housing initiatives.
Note one thing that these income limits depend on locations and these can change annually.
Check the latest FY 2023 Income Limits (ILs) list by clicking on this button.
Click on the button and follow these steps for checking the income limit in 2023.
You can see all income limits for section 8 housing in Google Sheets: Section8-FY23 – Google Sheets
- Related Post: Who Is Eligible for Section 8 Housing?
To give you a general idea, I can provide you with the income limits for the year 2022, which was the most recent information available at my knowledge cutoff. However, please note that these figures may have changed for 2023 and beyond. It’s best to consult the official HUD website or contact the local housing authority for the most up-to-date income limits in your specific area.
FY Section 8 Income Limits 2022
Here are the 2022 income limits for section 8 based on the household size in the contiguous United States:
|Number of Persons||Extremely Low Income 30% of Median||Very Low Income 50% of Median||Low Income 80% of the Median|
Again, please keep in mind that this list is for the year 2022 and may have changed since then. It’s always best to consult the official HUD resources or contact your local housing authority for the most accurate and current information.
There are also limits to the amount of assets you can have
One of the biggest factors that determine your income limits is the value of your assets. If you have a lot of assets, then your income limit goes up. On the other hand, if you have very little in assets and/or debts, then your income limits will go down.
Report all of your income:
The IRS requires that you report all of your income. This includes money you earn at work, money you get from investments, and any other income that comes in.
You have to report all of your earned income, which includes wages and tips, and interest and dividend payments. If you’re self-employed, you also have to report all of your business income.
What if my income is slightly higher than the limit?
If your income is slightly higher than the limit, you may be able to apply for a hardship exemption. The hardship exemption allows you to exceed the limits while still maintaining your household’s financial security. However, you must be able to show that the increase in income is temporary and that it will not last longer than 6 months.
If your income is slightly lower than the limit, you may be eligible for an increased rate if you have been making payments consistently over a long period of time. In this case, you will be required to make payments at a higher rate for each additional month of missed payments.
In conclusion, the income limits for Section 8 housing vary depending on the location and size of the household. However, applicants are generally required to have an income that is at or below 80% of the area’s median income. Therefore, those who are interested in applying for Section 8 housing should determine whether they meet the income requirements before doing so.