Category: Latest News

Updated 3/8/2016 HUD Provides Rule Easing Regulatory Requirements On March 8, HUD posted the final rule easing numerous Program regulatory requirements. The rule is intended to streamline requirements and provide flexibility for agencies that administer HUD’s rental assistance programs and include such things as tenant rental payments, rent determination processes, verification of Social Security numbers […]

Updated 3/8/2016 IRS Amends Final Utility Allowance Regulations On March 3, the IRS also published final and temporary regulations that amend the existing Tax Credit utility allowance rules. These amended rules mainly focus on utility allowance submetering and energy acquired directly from a renewable source but also make some changes to the general rules.

Updated 2/29/2016 IRS Issues New Compliance Monitoring Rules On February 25, the IRS amended the Tax Credit compliance monitoring regulations clarifying the requirements for conducting physical inspections and file reviews performed by State Monitoring Agencies while concurrently, issuing Revenue Procedure 2016-15 which updates Treasury Regulations §1.42-5 and more specifically details how the amended rules must […]

Updated 2/23/2016 New REAC Notice Regarding Bedbugs Last month, HUD issued Inspection Notice 2016-01 amending the inspection protocol previously mandating that UPCS inspectors not enter units that have been reported to have bed bugs. This protocol has changed after it was concluded that the likelihood of bed bug transfer to an inspector from an infested […]

Updated 2/2/2016 2016 Poverty Guidelines Published On January 25, the Department of Health and Human Services (HHS) published the 2016 poverty guidelines in the Federal Register (81 FR 4036) for the 48 contiguous states, the District of Columbia, Alaska and Hawaii. These figures are used by HUD to determine the Extremely Low-Income (ELI) limits which are […]

Updated 1/26/2016 HUD Passbook Rate Remains Unchanged for 2016 As per HUD Notice 2016-01, issued on January 19, 2016, the 2016 passbook rate to be used for all move-in, initial, annual, and interim recertification when imputing a households asset income remains 0.06%. CLICK HERE to access the notice.

Updated 1/19/2016 9% Credit Percentage Made Permanent On December 18th, the House & Senate announced their tax extenders and omnibus spending bills which included a permanent minimum 9% applicable credit percentage for non-subsidized properties. Unfortunately this did not include a permanent 4% minimum.

Updated 1/19/2016 BAH Military Housing Allowance Made Permanent The BAH military housing allowance was permanently made exempt from Housing Credit income qualification determinations for personnel stationed at or near qualified military bases.