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Passbook Rates Changing now or with 203A + HOTMA?
Yes, No, Maybe every other Sunday? In 2024, HUD released a new HUD Passbook rate of 0.40%, which was included in the HOTMA implementation notice, effective from 1/1/2024. However, we still do not have final specs for 203A and HOTMA, so the software may not be ready to change the passbook rates for both properties and the…
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HOT MESS OR HOTMA’TUNITY?
EPS, INC. understands the challenges you face and is embracing the HOTMA changes to alleviate your workload. They can assist with policies on Asset and Real Property Restrictions, Streamlining Verification of Assets, and IR timing. EPS also offers support for 50059s and HAP Voucher submissions. Stay informed about Notice H 2023-10 (2/2/24)- 2023-10hsgn.
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ANNUAL RECERTIFICATIONS AND EXTENUATING CIRCUMSTANCE CODES
EPS, Inc. emphasizes timely submission of property notices and resident 50059 signatures. If residents fail to sign on time, O/A should assess extenuating circumstances. If no valid codes apply, tenants must pay market rent temporarily. O/A-caused delays warrant corrected Annual Recertification. EPS’ TRACS Service Bureau assists with timely notices and proper circumstance codes.
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Hardship Exemptions for Health and Medical Expenses and Reasonable Attendant Care and Auxiliary Apparatus Expenses – wow, that is a mouthful!
The notice H 2023-10 specifies that families eligible for general relief will receive a deduction for eligible expenses exceeding 5% of annual income. Housing owners/agents must establish written policies for hardship qualifications and develop policies for families to report changes in their circumstances. Examples of hardships include awaiting assistance program determinations and income loss due…
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Do You Have Any Resident Family Members Turning 18?
Dependents turning 18 need to sign consent forms. Policy allows discretion for signing at 18 or next annual reexamination. The lease should be signed at the same time. All deviations from this policy must be documented in procedures. (50 words)
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Streamlined Income Determinations
EPS, Inc. offers time-saving solutions for organizations, such as TRACS Service Bureau reporting for 50059s and HAP vouchers, with expertise in reviewing potential errors. Streamlined income determinations under the FAST Act allow O/A to verify income every 3 years if 90% of a family’s income is from a fixed source. (50 words)
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Reporting Changes for Annual Adjusted Income (AAI)
EPS, Inc. acknowledges the complexity of complying with the new Housing Notice H-2023-10 for HOTMA. The changes include setting a lower threshold percentage for AAI decrease, requiring reporting of changes in family compositions, and allowing the use of EIV for verification. These changes necessitate updates to Policies and Procedures. Contact their TRACS Service Dept. for…
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Asset Limitations (Enforcement?)
EPS, Inc. introduces the new Asset Limitations policy for property owners and provides assistance with 50059 reporting to PBCA or HUD. The policy outlines guidelines for family asset limits, enforcement options, and exceptions. Property owners have discretion in adopting enforcement policies but must comply with civil rights and fair housing statutes.
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What do I need to do with the HUD 2024 release of new income limits?
The FY 2024 Income limits have been posted and are effective from 4/1/24. Update your software with the new Multifamily income limits to comply. Any incorrect income limit will generate an Action 1 TRACS error for certifications with an effective date of 4/1/24 or later. Contact your software vendor for assistance in the process. EPS,…
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Elderly Family Deduction going up?
We know that the Elderly Family Deduction is going up to $550 in 2026 for those that implement HOTMA early, as the forms and MAT guide for 203A has not been published yet. However, why are we seeing errors on 202D certs? If you implement early using 202D cert with the HOTMA values, it will…
