It’s everyone’s favorite time of year. No, not Spring. It’s New Income Limit time! YIPEE!
I know we all look forward to this wonderful time, and it finally happened on March 28!
Just a couple of things you need to know this year:
• HUD did not include the Determination of Maximum Income Limits Chart due to many geographic areas being re-defined. Because of this, HUD did not feel that this chart could be published accurately at this time. This DOES NOT mean that the HERA Hold Harmless limits have been eliminated – they have not!
• You never have to use an Income Limit lower than the previous year on already PIS (Placed in service) properties.
As always, if you have any questions or are unsure, please check with your monitoring agency to ensure you are using the correct limits! That’s what we’re here for!
Happy, Happy Spring everyone!
I want to talk about that bad, bad word that makes everyone cringe: NON-COMPLIANCE. You all hate to hear it, and we hate to write it up!
Let me share some recent issues I’ve encountered on my audits. Maybe someone else’s pain can help you avoid the same in the future. I’m a true believer that we learn from our own mistakes. So let’s see if we can learn from others as well!
The place to start is your property’s legal documents, Land Use Restriction Agreements or Extended Use Agreements, and any amendments that may have been filed as well. You need to be well aware of all the requirements that were chosen for your property. Not knowing can easily put you into non-compliance.
For instance: Does your property have a programmable thermostat requirement for its units? I recently had a property put into non-compliance due to this very issue. Programmable versions were being replaced with non-programmable versions. This caused the property to be placed into non-compliance.
Or you may have a site requirement of three permanent picnic tables, but for some reason there are only two the day of your audit. You guessed it – Non Compliance!
Your property documents are also where you will find whether or not your property has a requirement to provide tenant programs and services to its residents. These requirements can be very specific or very vague. One of the most common non-compliance issues pertaining to tenant programs and services is quarterly requirements. Quarters are calculated by calendar year, i.e.: Jan-Mar, Apr-Jun, etc. Not providing a service in each quarter will put you into non-compliance.
Or your property may have a Healthcare requirement to provide blood pressure screening, vision and hearing testing. Only providing two out of the three will throw you into non-compliance as well.
I hope you will find these to be helpful tips. Knowing what your documents require is an easy way to avoid the dreaded bad, bad word! Good luck everyone, here’s to your next CLEAN, NO RESPONSE review!
Let’s talk Social Security!
It’s that time of the year again. New benefit letters will be going out, including the approved 1.5% COLA (Cost of Living Adjustment) increase for 2014. This letter will determine the type of benefit your applicant is receiving, either Social Security (SS), Supplemental Social Security (SSI), or Social Security Disability (SSD).
However, they are not all the same! Let me explain why.
For anyone over the age of 62, they will receive SS, and the letter will be sufficient to determine the income for one year from the date of the letter. The benefit amount will not change.
Things change a bit when the benefit is for SSI or SSD. The amounts of these benefits can change throughout the year, and are therefore only sufficient to determine income for 120 days from the date of the letter.
So be mindful of the dates! It can be easy to be put into Non-Compliance with an SSI or SSD letter that is outdated.