Income & Rent Limits

Homeownership and multifamily developments that participate in the funding programs of Florida Housing Finance Corporation must meet a variety of income and rent requirements as determined by the FHFC program used to finance the development. Affordability is defined in terms of the income of the people living in the home. The family must be income eligible in terms of area median income (AMI), adjusted to family size.

Extremely Low Income – AMI Levels

Rule Chapter 67-48.002, F.A.C, governing Florida Housing’s Tax Credit program, provides the following definitions:

(39) “ELI Household” or “Extremely Low Income Household” means a household of one or more persons wherein the annual adjusted gross income for the Family is equal to or below the percentage of area median income.

(41) “ELI Persons” or “Extremely Low Income Persons” means extremely low income persons as defined in Section 420.0004(9), F.S., or in a competitive solicitation.

(42) “ELI Set-Aside” or “Extremely Low Income Set-Aside” means the number of units designated to serve ELI Households.

The Request for Applications will provide directions for applying the correct area median income for the ELI households to be served in the Development.

ELI persons means one or more natural persons or a family whose total annual household income does not exceed 30 percent of the median annual adjusted gross income for households within the state.

The Florida Housing Finance Corporation may adjust this amount annually by rule to provide that in lower income counties, extremely low income may exceed 30 percent of area median income and that in higher income counties, extremely low income may be less than 30 percent of area median income.

Multifamily Program Income Limits

The link below is for the Florida Housing Finance Corporation’s Multifamily Programs, and is also used by the Corporation’s State Housing Initiatives Partnership (SHIP). The area median income for the states’ cities and counties are shown here as well:

Florida Housing Program Rent Limits

The link below lists the Maximum Rents that can be charged by developments participating in Florida Housing programs (excluding HOME and SHIP).

 
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