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 pre fills 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.
