Recent News Posts
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.
2023 COLA ANNOUNCED
October 13, 2022 the 2023 COLA was published at 8.7%. This is the largest increase since 1981.
Low Income Housing Average Income Test Regulations
The IRS has released income averaging guidance to be published on October 12, 2022.
2022 HOME Limits
HUD has published the 2022 HOME limits and they are effective June 15, 2022.
2022 Income Limits
HUD has announced the 2022 income limits for the MTSP housing programs effective April 18, 2022.
Pre Approval Report Distribution Update
Beginning Friday April 1, 2022, all Spectrum Compliance Applicant File Pre-Approval reports will be issued through our ShareFile portal.
US Just Had The Largest Round of Minimum Wage Increases Ever
A total of 81 states and cities will be raising their minimum wage in 2022. 44 cities will be raising their minimum wage to above $15.00 per hour. Most of these increases took place the 1st of the new year.
5.9% Social Security COLA for 2022
The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2022. Social Security recipients will get a cost of living increase of 5.9%, the largest increase since 1982.