The IRS has released income averaging guidance to be published on October 12, 2022.
Additional information to follow.
2024 Income Limits
HUD has announced the 2024 income limits for the MTSP housing programs effective April 1, 2024..
Low Income Housing Average Income Test Regulations
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Recent News
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 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 treat assets. These changes will benefit tenants, administrators and...