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.
HUD has announced the 2024 income limits for the MTSP housing programs effective April 1, 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...
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.
October 12, 2023 the 2024 COLA was published at 3.2%.
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...