Income and Affordable Rent Guidelines

2024 Income Guidelines

Boise City Median Income for a household of four is $98,700.

2024 Income Guidelines go into effect for CDBG programs on 5/1/24 and will go into effect for HOME programs on 6/1/24.

(120% of Median Income)

(100% of Median Income)

(80% of Median Income)

(60% of Median Income)

(50% of Median Income)

(30% of Median Income)

*Households that pay more than 30% of their income for housing are considered cost burdened and may have difficulty affording necessities. (reference: www.hud.gov)

Passbook Savings Rate

As of June 15, 2023, the City of Boise has established its own passbook savings rate for use in its HUD-assisted programs and services.

When determining household eligibility for HUD-assisted programs, net assets must be considered in the income calculation. If a household’s asset(s) exceed the threshold established by HUD[1], the income calculation must include the greater of the actual income from the asset(s) or a percentage of the value of the asset(s), based on the passbook savings rate. The passbook savings rate represents the interest an asset would earn in a typical savings account.

The passbook savings rate in effect from June 15, 2023 - December 31, 2023 is 0.33%. As of January 1, 2024, the passbook savings rate will be 0.4%.

The City of Boise has updated its Passbook Savings Rate Policy to align with the standards established through the HOTMA Final Rule.

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[1] The threshold established by HUD in 24 CFR 5.609(b)(3) is $5,000.

HOTMA Final Rule

The HOTMA Final Rule implementation date has been delayed to 1/1/2025. When the rule does go into effect, the household asset threshold will be raised to $50,000 and adjusted annually for inflation. More information can be found in HUD's Final Rule Notice issued December 8, 2023.

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