HUD recently issued a new notice regarding the passbook savings rate, effective Feb. 1, 2016. The passbook savings rate hasn’t changed since 2014. The passbook savings rate to be used for all move-in, initial, annual, and interim recertification when a family has net assets over $5,000 is...
A definite plan to deal with major emergencies at your site is an important element of providing a safe environment for your staff and residents. An emergency—such as a fire, flood, act of violence, earthquake, hurricane, or environmental disaster—can occur at your site at any time....
Major storms or other natural disasters may leave your site and residents without power. And in anticipation of future storms or disasters that may knock out power, your site may have an emergency backup generator. Generators offer the convenience of using our everyday devices despite a...
Congress and HUD have established various types of preferences in an effort to provide housing to those most in need. HUD rules currently include four different kinds of preferences that apply to various programs [HUD Handbook 4350.3, par. 4-6(B)]. Of these four preferences, three of them apply...
On Nov. 18, 2015, HUD published a joint notice under Notice PIH 2015-21: Amendment to the Definition of Tuition, which formally amends the definition of tuition found in Eligibility of Students for Assisted Housing Under Section 8 of the U.S. Housing Act of 1937; Supplementary Guidance [71 FR...
Sloppy resident files are a headache you can do without during your annual audit or management and occupancy review. Auditors routinely review resident files to see how well your company complies with HUD rules. If a file is missing important documents, it may act as a signal to an auditor that...
On Oct. 13, HUD published the Operational Cost Adjustment Factors (OCAFs) that will go into effect nationwide for eligible multifamily housing projects having an anniversary date on or after on Feb. 11, 2016. These factors are used for adjusting or establishing Section 8 rents under the...
HUD requires many owners of nonprofit and limited-dividend sites with HUD-insured and HUD-held mortgages, including Section 202 program sites, to set up residual receipts accounts. Generally, all sites owned by nonprofit mortgagors and all Section 236 and 221(d)(3) projects owned by limited...
In August, HUD issued the long-awaited update to the Section 8 Renewal Policy Guidebook. This document applies to project-based Section 8 contracts, referred to as HAPs or PBRA contracts, and is important in establishing rents for the bulk of the existing subsidized housing portfolio. The last...
Like most sites, you communicate in writing with the public, applicants, and residents nearly every day. For example, you probably send out applications, leases, 50059 certification forms, letters, notices, brochures, and flyers. But did you know that HUD requires each of these written...
If you own or manage an assisted site, you must have a written resident selection plan that incorporates the policies and procedures covering each step of the selection process. It’s important to have a well-written resident selection plan because it can show HUD you’re complying...
In HUD multifamily sites where the residents pay either all or a portion of their own utility expenses, HUD provides a utility allowance in addition to the subsidy for each unit. This utility allowance is based on an estimate of the average monthly utility costs for each unit size.
