Spectrum Enterprises – West Virginia

West Virginia

State News:

April 2, 2018

HUD has released the 2018 income limits. They are effective 4/1/18 and must be in use no later than 5/15/18. Be sure to check the MTSP limit chart to determine which income limits to use for your property.

To find your 2018 income limits visit: https://www.huduser.gov/portal/datasets/mtsp.html

October 13, 2017

The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2018. The COLA will increase 2.0 percent beginning on December 29, 2017. www.ssa.gov

April 14, 2017

2017 Income Limits have been published! They are effective 4/14/17 and must be in use no later than 5/28/17. Be sure to check the MTSP limit chart to determine which income limits to use for your property.

See this link: https://www.huduser.gov/portal/datasets/mtsp.html

December 12, 2016

The updated, 2016 Owner Letter is now available for download under the EOY tab below.

October 7, 2016

Please see the updated Post Year 15 Monitoring Changes information here and under the tab below labeled Recommended Forms.

New Forms Available

Please start using the new TIC and Employment Verification forms. Both forms, along with other recommended forms, are available on our Resources page. Click here for the Resources page.

Please see the News Archive drop down menu below for more news.

West Virginia Contacts

News Archive

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: https://www.huduser.gov/portal/datasets/mtsp.html

LIHTC developments have a 45 day period to implement the new limits.

March 6, 2015

The new 2015 income limits are now available. See this link to the HUD website.

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.

December 12, 2012

2013 LIHTC Income Limits have been revised. Follow this link for more information and clarification.

The effective date of this income limit data is 12/4/2012. All properties must utilize the new amounts within 45 days. January 18, 2013 would be the deadline.

December 3, 2012

Effective 1/1/2012 WVHDF has issued a new policy concerning LIHTC Physical Inspections

In order to correct findings of noncompliance noted during a physical inspection the following documentation is now required:

Occupied Units:

Repairs must be documented by a completed work order signed by the maintenance person completing the work and the tenant living in the unit
Copies of contracts and invoices for work completed by an outside contractor, if appropriate

Vacant Units, Common Areas and Grounds:

Repairs must be documented by a completed work order signed by the maintenance person completing the work and the manager of the site.
Copies of contracts and invoices for work completed by an outside contractor, if appropriate. Photos may also be requested.

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Violations of the UPCS or local inspection standards:

Please note the WVHDF has instructed that all UPCS violations must be reported to the IRS as non-compliance. All buildings will be reported in noncompliance from the date of inspection until the date the last UPCS violation is repaired. If not corrected, all maintenance issues will be reported in continuing noncompliance to WVHDF. This reflects the directive from the IRS in the IRS Audit Guide.

West Virginia Audit Guide

Income Limits

Frequently Asked Questions Memo (word)

Important Income Limit Information:

The West Virginia Housing Development Fund realizes that there were sections of the Housing and Economy recovery Act of 2008 (“‘HERA”) which will impact income limits for certain properties in West Virginia. In Summary:

Section 3004(f) of HERA relates to income limits for properties located in a rural portion of the country where the country’s area median income is less than the National Non-Metropolitan Median Income.
Section 3009 of HERA relates to income limits for certain properties defined as ‘HUD Hold Harmless Impacted Projects.”

Prior to utilizing HERA-provided income limits rather than the standard income limits published by the West Virginia Housing Development Fund (WVHDF), the owner of a property must notify the WVHDF of its intention to use such income limits.