HomeMy WebLinkAbout2021 Annual Household Income Limits (Effective 6/1/2021)Effective SRO Efficiency 1 BDR 2 BDR 3 BDR 4 BDR 5 BDR 6 BDR
Low HOME Rent 6/1/2021 $551 $735 $803 $1,036 $1,315 $1,467 $1,619 $1,771
High HOME Rent 6/1/2021 $551 $735 $803 $1,036 $1,483 $1,794 $2,024 $2,197
Fair Market Rent 6/1/2021 $551 $735 $803 $1,036 $1,483 $1,794 $2,063 $2,332
$44,900
$63,800
$55,850
$53,880
$47,880
$41,880
50% Median Income 80% Median Income
Extremely Low Income Very Low Income Low Income
Review your agreement to determine applicable rent limits. All HOME and many CDBG agreements limit rent to the applicable rent limit minus the tenant-
paid utility allowance as provided by ICHA or HUD. Example: Tenant pays for electricity only and the utility allowance for electricity is $80. Rent for a one-
bedroom HOME-assisted unit cannot exceed $723 ($803-80) if the HOME agreement restricts rent to the Low HOME rent.If a HOME-funded project assists
five or more units, 20% of units must be leased at or below the low HOME rent.
The Fair Market Rents (FMR) for units larger than six bedrooms are calculated by adding 15 percent to the four bedroom FMR, for each extra bedroom. FMRs
for single-room occupancy units are .75 times the zero bedroom (efficiency) FMR.
NOTE: The payment standard for Section 8 tenants may be higher than the rent limits shown here. Regardless of the payment standard, rent cannot exceed
the rent limit identified in your agreement minus the tenant paid utliity allowance if included.
$39,900
$34,900
$39,500
$37,100
$34,700
$32,300
$29,900
$26,950
$23,950
$65,850
$61,850
$57,850
$53,850
$49,850
$105,300
Community Development Block Grant (CDBG)HOME Investment Partnerships Program (HOME)
60% Median Income
Rent Limits
Income Limits
$98,900
$92,550
$86,150
$79,750
$79,020
$74,220
$69,420
$64,620
$59,820
$71,800
30% Median Income
Table of Income and Rent Limits
$20,950
Household Size
(effective 6/1/2021)
8
7
6
5
4
3
2
1
Updated 5/4/21
Table of Sales Price Limits
HOME Investment Partnerships Program (HOME)
(effective June 1, 2020)
HOME Purchase Price Limit
4-Unit3-Unit2-Unit1-Unit
Existing Homes Purchase Price Limit
The initial purchase price or after-rehabilitation value of homeownership units assisted with HOME funds cannot exceed 95 percent of the area median
purchase price for single family housing, as determined by HUD. These amounts are different for newly constructed homes and existing homes
Newly Constructed Housing. The new HOME homeownership value limits for newly constructed HOME units is 95 percent of the median purchase price for
the area based on Federal Housing Administration (FHA) single family mortgage program data for newly constructed housing. Nationwide, HUD established a
minimum limit, or floor, based on 95 percent of the U.S. median purchase price for new construction for nonmetropolitan areas. This figure is determined by
the U.S. Census Bureau. HUD has used the greater of these two figures as their HOME homeownership value limits for newly constructed housing in each
area.
Existing Housing. The new HOME homeownership value limits for existing HOME units is 95 percent of the median purchase price for the area based on
Federal FHA single family mortgage program data for existing housing and other appropriate data that are available nationwide for sale of existing housing in
standard condition. Nationwide, HUD has established a minimum limit, or floor, based on 95 percent of the state-wide nonmetropolitan area median
purchase price using this data. HUD has used the greater of these two figures as their HOME homeownership value limits for existing housing in each area.
In lieu of the limits provided by HUD, a PJ may determine 95 percent of the median area purchase price for single family housing in the jurisdiction annually in
accordance with federally established procedures and may submit these limits as part of its Consolidated Plan/Annual Action Plan. Iowa City does not
determine its own Sales Price Limits.
New Homes Purchase Price Limit $474,000
$474,000
$383,000
$383,000
$316,000
$316,000
$247,000
$247,000
Updated 5/4/21