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...

HOTMA News for Private Consulting Clients

While HUD is allowing the implementation of the regulations to be pushed until 1-1-25, 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...

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Minimum wage increases for 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

HOTMA News for Private Consulting Clients

While HUD is allowing the implementation of the regulations to be pushed until 1-1-25, 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.

HOTMA – Two Key Asset Changes

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

2023 Income Limits

HUD has announced the 2023 income limits for the MTSP housing programs effective May 15, 2023.

2023 Income Limits Delayed

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.

2023 COLA ANNOUNCED

2023 COLA ANNOUNCED

October 13, 2022 the 2023 COLA was published at 8.7%. This is the largest increase since 1981.

2022 HOME Limits

2022 HOME Limits

HUD has published the 2022 HOME limits and they are effective June 15, 2022.

2022 Income Limits

2022 Income Limits

HUD has announced the 2022 income limits for the MTSP housing programs effective April 18, 2022.