US Just Had The Largest Round of Minimum Wage Increases Ever

Jan 10, 2022

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.  Please be sure to determine if any increases have or will be taking place in your community and adjust your annual income calculation accordingly. 

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2025 COLA Update: Impact on Affordable Housing Compliance

2025 COLA Update: Impact on Affordable Housing Compliance

Oct 10, 2024

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

2024 Income Limits

Apr 3, 2024

HUD has announced the 2024 income limits for the MTSP housing programs effective April 1, 2024..

Minimum wage increases for 2024

Minimum wage increases for 2024

Jan 2, 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

Dec 1, 2023

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.