Recent News Posts
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...
2026 Income Limits
HUD has announced the 2026 income limits for the MTSP housing programs, effective May 1, 2026. This includes low-income housing tax credits and tax-exempt bond financing. HUD allows for a 45-day grace period, which means these limits must be in use by June 15, 2026....
2026 Income Limits - Update
HUD announced on February 4th that the 2026 income limits will not be released until May 1st.
2026 COLA ANNOUNCED
The Social Security Administration (SSA) recently announced the Cost-of-Living Adjustment (COLA) for 2026 at 2.8%.
2026 HUD Inflation-Adjusted Values (Table 1): Effective January 1, 2026
HUD has announced the inflation rates for 2026. The effective date is 1/1/2026.
2025 Income Limits
HUD has announced the 2025 income limits for the MTSP housing programs effective April 1, 2025.
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...
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
On 7-29-16, HOTMA was signed into law. HUD issued the final rule on 2-14-23 to take effect 1-1-24. 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...
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...