CalHFA updates income limits on affordable housing
The California Housing Finance Agency has released a notice today about new income limits for purchases of moderate and low income affordable housing…
Under the provisions of IRS Revenue Procedure #2006-20, CalHFA has updated
calculations for high housing cost areas. These new calculations result in increases to the nontargeted
area income limits for the following three counties: Marin, San Francisco, and San
Attachment A shows the new applicable CalHFA low and moderate income limits for both new
construction and existing resale housing in the non-targeted areas of each county. These limits
should now be used to determine eligibility for CalHFA’s first mortgage loan and the CHAP
second mortgage programs.
Attachment B shows the applicable income limits for CalHFA first and CHAP second mortgages
in Federally-designated targeted areas (See CalHFA’s web site.). The targeted area limits are
for moderate-income borrowers only. These limits are also used for calculating the Federal
recapture provision and are followed by loan servicers for assumptions of CalHFA loans.
See the full PDF file here with income limits for all of California.
In San Francisco, the income limits for resale homes (for one or two people) is $135,720 for moderate units, and $81,432 for low income units, and for new construction (read: South Beach High Rises) $135,720 is the moderate limit and $95,004 is the low income limit.
How crazy is that? You’re low income in San Francisco if you make less than $95,000 per year. Looks like the lines for affordable unit lotteries are going to grow exponentially now…