EOY Documentation is due 3/15 each year. A mass email was sent to all EOY contacts on 12/21/16. If you would like your name added to the EOY list, please email Edward Clark at eclark@spectrumlihtc.com
2016 EOY Letter to the Owner
2016 Owners Certification
2016 EOY Spectrum Status Report Software
May 10, 2016
HUD Releases 2016 MTSP Income Limits
On 03/28/2016 HUD released the 2016 income limits. Click this link to look up the limits for your area: 2016 income limits
LIHTC developments have a 45 day period to implement the new limits.
February 9, 2016
EOY Documentation is due 3/15/16.
Please refer to END OF YEAR REPORTING below.
MEMO: Collecting last month’s rent in advance.
See the News Archive drop down menu below for more news.
March 6, 2015
-The 2015 LIHTC Income Limits have been released. A quick overview shows an increase across the boardSee this link to the HUD website.
February 1, 2015
An updated Owner Certification form is now available.
Question Xb has been modified for clarity. If your property is not 100% LIHTC you will need to know if the applicable fraction is based on the number of LIHTC units versus the number of non LIHTC units , or the square footage of the LIHTC vs. non LIHTC units. This is needed in order to monitor for compliance with the Next Available Unit Rule. You will be asked to provide documentation of the applicable fraction only if there is a question regarding NAU rule compliance.
November 7, 2014
Beginning in February, 2015 the imputed rate of interest on cumulative assets exceeding $5,000 will drop from 2% down to .06% A revised certification form will be made available as that date gets closer.
Remember to start adding a Cost Of Living Adjustment of 1.7% to SS. It may also apply to other forms of retirement payments so be sure to ask.See the link hereThe updated TIC effective February 1, 2015 is available under our recommended forms tab below.
February 10, 2014
Utility allowance changes in MA
DHCD’s Section 8 regional administrators stopped calculating UAs for all utilities except heat. Local PHAs receiving and distributing Section 8 operating subsidies may still be able to provide UAs for utilities other than heat.
As a result, you will need to avail yourself of one or more of the allowable methods for calculating allowances that are offered under revised section 42-10 of the IRC.
A link to this revised utility allowance procedure can be found here.
December 19, 2013
The new 2014 income limits have been released. Please see this blog post written by Erik Whitton for more information and links.
October 30, 2013
The Social Security Administration has just released the new 2014 COLA adjustments. It has been adjusted to 1.5%. Please see this link for details.
October 21, 2013
**NOTICE REGARDING RETIREMENT and INVESTMENT ACCOUNTS**
There has been confusion regarding how to document income and assets involving retirement accounts (IRAs/401ks/etc.) and other investment accounts (Investments without any sort of tax deferment or age restrictions).
Official Spectrum Policy is RMDS (Required Minimum DIstributions) do not trigger conversion of a retirement account to a non-asset. The RMD distribution is considered a lump sum asset and the balance in the account continues to be considered and asset.
Spectrum’s position regarding Investments and retirement accounts is that there is no distinction. A withdrawal from any investment account just once a year is considered an asset (lump Sum) and the remaining balance is considered an asset.
Withdrawals twice a year are considered sporadic and therefore an asset. Withdrawals of three times a year or more of more are considered INCOME and the balance is no longer considered an asset.
Should this change we will post again.
June 3, 2013
Do you need LIHTC training? Spectrum Seminars will be in Boston in 2013. Click here for dates and registration information.
February 11, 2013
Massachusetts officials said Thursday that $67 million in state and federal funding and tax credits has been designated to build and preserve 23 affordable-housing developments in 21 communities… Continue reading article in the Boston Globe.
February 4, 2013
There is a new consent form to go along with the new TIC form. It can be downloaded from this page under the forms drop down menu at the left. It authorizes management to collect demographic data.
January 3, 2013
The letter to the owner PDF is now available under the EOY tab on the left panel. If you have questions please contact our office.
December 12, 2012
2013 LIHTC Income Limits have been revised. Follow this link for more information and clarification.
Temporary LIHTC Housing for Sandy Victims
Click Here for Information
COLA SS Adjustments
The Cost of Living Adjustment of Social Security was published yesterday at 1.7%. Click this link for more information.
Please begin anticipating the adjustment for the upcoming year
TCAP and TC-X properties must submit EOY documentation as well.
All properties that are required to follow Section 42 regulations must submit EOY reports annually. This includes the annual Owner’s Certification and Unit History Report. The same is true for Section 42 properties that are beyond year 15. Not sure if this applies to you? Contact Ed Clark at eclark@spectrumlihtc.com or call him at 207-799-0056 x 204
Revised Policy for Assisted Living Properties!
Several Directors of Assisted Living Properties in Massachusetts felt our interpretation of the regulations in regard to meals was inaccurate. As a result, we contacted both DHCD and the IRS. The initial response we received from the IRS was that our reading of the regulations was the correct one. After prolonged discussion, that opinion was modified and we can now conclude that charging LIHTC occupants a fee for any and all meals is allowable under Section 42 regulations as long the following conditions are present:
- Potential LIHTC residents are informed prior to occupancy that obtaining meals is not required as a condition of occupancy.
- A reasonable alternative is present for obtaining or preparing meals on their own. The presence of a refrigerator/microwave/stovetop/oven etc all contribute to that conclusion.
- Thank you for your patience. We are happy to report it has paid off with a favorable conclusion!
Mass Monitor runs World Renowned Road Race
Congratulations to Cathy Turner For completing her first ever Beach To Beacon 10K road race. Cathy crossed the finish line in just under 66 minutes. Cathy wasn’t the only Spectrum employee to run the race this year. Katie Rawson also ran the race and finished in just under an hour. The speed of physical inspections is not expected to change.
MARTHA’S VINEYARD has revised income limits.
As of 6/30/11 HUD has modified the income limits for Dukes County.
Be sure to check and confirm you’re using the right limits.
CONGRATULATIONS!
We’re happy to acknowledge some affordable housing developments that have distinguished themselves at the national level.
Worthington Commons of Springfield was recognized under the HOME program by HUD for being a financially stable project that is helping turn around a difficult neighborhood.
Trolley Square in Cambridge was noted for sustainable and innovative building design.
Together with the Gordon H. Mansfield development in Pittsfield, these properties demonstrate just how effective public/private partnerships can be in making our communities stronger and better places to live.
State News: