Spectrum Enterprises, Inc.

NEWS:

June 24, 2019:

HUD published the 2019 HOME income and rent limits. They are effective 6/28/2019

Things to remember about HOME income and rent limits:

1.) There is no 45 day transition. You must begin using the new limits on the effective date;

2.) HOME limits are not “held harmless” like LIHTC limits. If HOME income limits go down, you must use the lower limits for both income and rent.

You can find the HOME limits either by following the link https://www.hudexchange.info/programs/home/home-income-limits

April 24, 2019:

HUD has released the 2019 income limits. They are effective 4/24/19 and must be in use no later than 6/8/19. Be sure to check the MTSP limit chart to determine which income limits to use for your property.

To find your 2019 income limits visit: https://www.huduser.gov/portal/datasets/mtsp.html


March 15, 2019

Spectrum updated policy of Live-in Care Attendants/Aides

Based on recent discussions with HUD Fair Housing and internal review, Spectrum Enterprises wants to notify all clients of the updated policy of Live-in care attendants/aide.

Under Civil Rights laws the only person eligible is the disabled. Therefore, there must be a verification in the file from a doctor or other qualified 3rd party, that verifies the applicant/tenant is disabled and that the need for the Live-in aide would benefit their disability. Once this has been verified there is no reason to re-verify the need in the future, except in 2 possible cases. First, the verification states that the live-in aide is only needed for a short time; example a tenant returning from the hospital from surgery needs a Live-in aide for 2 months. A year later the Live-in aide is still there? Second, if there is suspicion of tenant fraud; example: the Live-in aide is on vacation for the summer with no replacement or there is suspicion the live-in aide is working and providing financial support? Both of these would have to be done on a case by case only.

It is also important that there is a Lease Addendum signed by the tenant that certifies the live-in aide is there to only provide the necessary services, is not providing any financial support to the household and has no survivorship rights for the apartment if the tenant should vacate for any reason.

The verification and lease addendum can be found in our forms package.

Live-In Aide Verification

Live-In Aide – Lease Addendum

February 25, 2019

On 2/26/19 the Treasury Department will officially publish significant changes to LIHTC monitoring requirements. A copy of the publication can be found HERE

* Advance notice of file reviews and inspections will be limited to no more than 15 days.

* Same day notification of the particular units and files to be reviewed.

* The number of units and files reviewed will increase for properties with 100 or fewer units, decrease for properties with more than 100 units.

The IRS has severely limited the amount of advance notice monitoring agencies are allowed to give LIHTC property owners of upcoming file reviews and physical inspections. This is presumably because some owners have used the advance notice to make deferred repairs and improvements they otherwise would have put off. As a result, the conditions noted at the time of the inspections do not accurately reflect the conditions the tenants experience on a regular basis. The IRS believes giving Owners no more than 15 days advance notice of an inspection and/or file review will help eliminate this gaming of the system. By using same-day notice of which units/files in particular will be reviewed, the IRS believes the results of the reviews will better reflect actual conditions.

These changes present significant logistical issues for Owners, Managers, and Monitoring Agents. Allocating Agencies are required to implement these changes no later than 12/31/2020. You should review your policies and procedures now as these changes can be put in place any time before then.


October 11, 2018:

The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2019. www.ssa.gov

Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 2.8 percent in 2019.

The 2.8% cost-of-living adjustment (COLA) will begin on December 29, 2018.

For more information on how to calculate the COLA please see our blog article SOCIAL SECURITY COLA FOR 2019


June 1, 2018:

The IRS has published a revised Form 8609. The revised 8609 includes the option to select a new set-aside “Average income”

Fraud Alert:

We’ve been informed that cold calls have been made using our company name (Spectrum Enterprises).

We NEVER perform cold calling over-the-phone, request wire transfers or retainers for our services.

Please inform us of any fraudulent calls you may receive at: info@spectrumlihtc.com

Blog

SOCIAL SECURITY COLA FOR 2019

October 11, 2018: The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2019.  According to www.ssa.gov: “Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019. The 2.8 percent cost-of-living adjustment (COLA) will begin with benefits payable to... More

Training

We offer private staff training addressing tax credit compliance, Fair Housing and affordable housing programs.

For more information see our detailed training page.