Compliance Update
FEBRUARY 2008
NEW HUD INCOME LIMITS
FOR 2008
HUD’s 2008 income limits have been released and can be found at:
http://www.huduser.org/datasets/il.html
Be sure to obtain the data for your area and update
the limits in either CornerStone™ or HUDControl.
The effective date of the new limits is February 13, 2008.
You must update the income limits table once
a year for your property
To update the Income limits in CornerStone:
It is necessary to enter information into the income limits tables in order for CornerStone™ to effectively calculate subsidy amounts.
- From the global Property drop-down list, choose the desired property.
- Choose Tools | Customization Options | Compliance Customization
- The Property Compliance Screen will be displayed by default.
Verify that the
property has been set up to be HUD-compliant.
- Click the HUD icon to the left of the
Property Compliance Screen. The Voucher Information Screen will be displayed by default.
- Click the Income Limits button.
- Click the Add button.
- From the drop-down list, choose the HUD Income Limits Identifier. By default, this should be HUD Income Limit 1, but if you have added any additional HUD Income Limits Identifiers to the Lookup Codes, they will be available here for selection.
- In the Effective Date field, type the date
that this income limits table becomes effective. If there was a previous income limits table for the same HUD Income Limits Identifier, the new income limits table will automatically become effective on the date entered here.
- Type the Very Low Limit for four household members.
- Click the Generate button. Income limits will be generated for eight members.
- Click the Save button from the main toolbar to save the income limits table and return to the previous screen. Notice that if you have income limits with different effective dates
set up for the same identifier, the
termination date prefills for the previous income limits table.
To update the Income Limits in HUD Control:
- Select your property in HUD Control.
- Select the Income Limits option from the Property menu.
- Press “A” for the ADD option.
- Type the effective date for the new Income Limit table.
- Type in the limit amounts for each column.
- Press F10 to Save your entries.
Please note that the new tables will not affect the current 50059’s but will be applicable for any new entries.
