On Friday, December 6th, HUD released a new HOTMA Frequently Asked Questions (FAQ) document for stakeholders in the Multifamily Housing Program. The publication provides a bit more insight into how to comply with HOTMA during this transitional period. One of the...
On September 17, 2024, Executive Directors of Public Housing Agencies (PHA) received word that the Housing Information Portal (HIP) would not be ready to accept submissions by the January 1, 2025 deadline imposed by PIH. The following day, an additional memo...
Under the new imputing rules prescribed by HOTMA, applicants and tenants of affordable housing programs will have to keep even better track of their disposed assets going forward. In nearly all income-based housing projects, there are rules designed to prevent people...
The Housing Opportunities Through Modernization Act (HOTMA) poses the most significant changes to affordable housing in decades, including the Low-Income Housing Tax Credit (LIHTC) program. While some State Housing Credit Agencies have updated their policies and forms...
Last week, HUD finalized its calculations for the upcoming year’s passbook savings rate. The new rate has been set at 0.45% for 2025. Affordable housing programs use the passbook savings rate to calculate imputed income from assets. This number essentially represents...
The U.S. Department of Housing and Urban Development (HUD) has released the inflation-adjusted values and the revised passbook rate for 2025. These adjustments are effective from January 1, 2025, and are essential for compliance with Sections 102 and 104 of the...
The U.S. Department of Housing and Urban Development (HUD) has recently announced an important update regarding the implementation of the National Standards for the Physical Inspection of Real Estate (NSPIRE). In a notice published on July 5, 2024, HUD has extended...
On April 29, 2024, HUD released important guidance on the use of Artificial Intelligence (AI) in tenant selection decisions. The document highlights how even relying on seemingly objective tools may not provide enough context to arrive at appropriate tenant admission...
The long-awaited updated version of the IRS’s Guide for Completing Form 8823 has been released. The Guide was first released in 2007 to provide guidelines for preparing Form 8823, the Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition. ...
Nearly ten years after its last update, the new list of Federally Mandated Exclusions from income was published in the Federal Register on January 31, 2024. The listing adds four new income exclusions and clarifies/expands four income sources that had been described...
