News & Updates
- HUD’s Office of Multifamily Housing has updated its FAQ guidance
- HUD Releases 2020 Income Limits Effective 4/1/2020 - On March 31, 2020, HUD published the 2020 income limits for HUD programs, Low-Income Housing Tax Credit, and Tax-Exempt Bond programs. The limits are effective on April 1, 2020.
- CARES Act Signed Into Law 3.27.2020
January 1, 2020: 2020 Mileage Rates
Business Mileage: $0.575, down from $0.58 in 2019
HUD Medical Mileage Expense: $0.17 per mile, down from $0.20 in 2019
- Social Security Administration Announces 1.6% Increase for 2020 - The Social Security Administration has announced a 1.6 percent cost-of-living adjustment (COLA) for 2020. It will begin with benefits payable to more than 69 million Social Security beneficiaries in January 2020. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2019. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
October 2019 - NCSHA publishes Model Compliance Forms for Housing Credit Developments
All state Housing Credit agencies require Housing Credit development owners to use specific forms in their compliance reporting. The National Council of State Housing Agencies, in collaboration with our members and stakeholders, developed these Model Compliance Forms for agencies to provide to development owners and other Housing Credit industry professionals:
- Owner’s Certification of Continuing Program Compliance
- Tenant Income Certification
- Employment Verification
- Certification of Zero Income
- Under $5,000 Asset Certification
- Student Self-Certification
- Student Status and Financial Aid Verification
- HUD Releases 2019 Income Limits 4/14/19
- On February 26, 2019, the Internal Revenue Service published final regulations to amend compliance monitoring regulations for Low Income Housing Tax Credit (LIHTC) properties. The regulations adopt temporary regulations published Feb. 25, 2016 with a few changes. It impacts the number of days notice for an audit (from 30 to 15) and the number of units to be inspected (based on HUD REAC chart, not 20%).
- On February 23, 2019, HUD released notice Standardization of REAC Inspection Notification Timelines limiting the notice for REAC inspection to 14 days.
- The Hunt for Information - December 2018 HCCP The Credential article by Karen Graham
- Social Security Administration Announces 2.0% Increase for 2019 - The Social Security Administration has announced a 2.8 percent cost-of-living adjustment (COLA) for 2019. It will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2018. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.