Tax credit income limits for 2001 will not be published until mid-April, said a HUD spokesman on March 28.
Tax credit developers are angry over HUD's procrastination since it prevents them from recalculating rents. This is not a matter of maximizing profit, but of being "squeezed down to break even," said one affordable housing developer in the northeast.
The rents developers set up are based on HUD's income limits, which were supposed to go into effect in January. Developers have to give their residents a 30-day notice of changes in rent levels. Therefore, if the income limits are released in April, they cannot increase rents until May.
For the last several years, HUD has postponed releasing the figures until early March.
