For taxable year 2011, the maximum foreign earned income exclusion amount under §911(b)(2)(D)(i) is $92,900, figured on a daily basis, times the number of days during the year that you meet the bona fide residence test or the physical presence test.
The foreign housing exclusion is calculated by deducting the “base amount” from your qualified foreign housing expenses (subject to the limits discussed below). The base amount is 16% of the maximum foreign earned income exclusion amount ($14,864 for 2011), figured on a daily basis, times the number of days during the year that you meet the bona fide residence test or the physical presence test. There is a limitation on the maximum amount of qualified housing expenses. This limit for most cities is 30% of the foreign earned income exclusion ($27,870 for 2011). However, there are numerous exceptions (cities with higher limits). These exceptions can found in IRS Notice 2011-8.