Recent News Posts
Join Our Team: State Compliance Monitor Opportunity with Spectrum Enterprises
State Compliance Property Inspector Spectrum Enterprises, Inc. specializes in compliance oversight for the Low-Income Housing Tax Credit (LIHTC) program. Our services include document analysis, tenant file reviews, application pre-approvals, staff training, and site...
2025 Minimum Wage Increases
As we step into 2025, several states are rolling out updates to their minimum wage rates, reflecting adjustments for inflation, legislative changes, and phased-in increases. · Ohio: The minimum wage is increasing to $10.70 from $10.45 due to an inflation...
2025 COLA Update: Impact on Affordable Housing Compliance
The Social Security Administration (SSA) recently announced the Cost-of-Living Adjustment (COLA) for 2025 at 2.5%, the lowest adjustment since 2020 (1.3%). The average COLA increase over the past decade has been 2.6%. While this year’s adjustment is lower than 2024’s...
2024 Income Limits
HUD has announced the 2024 income limits for the MTSP housing programs effective April 1, 2024..
Minimum wage increases for 2024
State 2023 Hourly Minimum Wage 2024 Hourly Minimum Wage Effective January 1, 2024 Alaska $10.85 $11.73 Arizona $13.85 $14.35 California $15.50 $16.00 Colorado $13.65 $14.42 Connecticut $15.00 $15.69 Delaware $11.75 $13.25 Hawaii $12.00 $14.00 Illinois $13.00 for...
HOTMA News for Private Consulting Clients
While HUD is allowing the implementation of the regulations to be pushed until 7-1-25, Spectrum Compliance has made the decision to implement the HOTMA changes on 1-1-24. This allows for a year of trial and error before all states mandate the changes. We are in contact with all state agencies concerning when they expect to implement HOTMA, and many have reported it will be 1-1-24.
2024 COLA ANNOUNCED
October 12, 2023 the 2024 COLA was published at 3.2%.
HOTMA – Two Key Asset Changes
HOTMA: Section 104: Asset Limits The Final Rule of the Housing Opportunity Through Modernization Act of 2016 (HOTMA) provides some significant changes to the way managers and owners will verify and treat assets. These changes will benefit tenants, administrators and...
2023 Income Limits
HUD has announced the 2023 income limits for the MTSP housing programs effective May 15, 2023.
Walmart Announces Raise to Their Minimum Wage!
Walmart has announced that in early March 2023, store employees will make a minimum of $14.00 per hour which is an increase of $2.00 to the current minimum hourly rate.
Spending package includes change to RMD requirements
The RMD age adjustment is actually an extension of a change from the first SECURE Act, which in 2019 raised the age for RMDs from 70 1/2 to 72. In addition to raising the age for 2023 to 73.
2023 Income Limits Delayed
Friday December 2nd, HUD announced that the 2023 income limits will be delayed approximately 6 weeks beyond the normal publishing date of April 1st. More information will follow as it is provided.