Unlike other programs, Multifamily Housing Enterprise Income Verification (EIV) doesn’t allow you to write your own rules; instead, you must follow official guidelines to the letter, every time. A mistake is worth potentially millions of lost dollars: Any violation will result in HUD taking 5% of the total property’s voucher for the month following, then for each month thereafter until the violation is cured.
Adam Ensalaco, one of NMA’s experts on FSS program management, shares his thoughts on maintaining a successful program.
What is FSS?
FSS is the most powerful mechanism in the HUD world for moving a family out of poverty, bar none.
The FSS—Family Self-Sufficiency—program enables HUD-assisted families to increase their earned income and reduce their dependency on government assistance. A roof over their head and rent relief are not enough; FSS provides the momentum families need to become self-sufficient.
Many states and municipalities are choosing to allocate some of their Coronavirus Aid, Relief, and Economic Security (CARES) Act to provide emergency rental assistance payments (ERAP) to tenants who have been unable to pay their rent due to income loss from COVID-19. Frequently, housing authorities have been charged with executing these programs and distributing funds to property owners.
NMA's trainer and consultant, Heather Wiedenfeld is teaming up with HAI Group to bring you our Common Tax Credit Compliance Questions and Answers Webinar to help you prepare for taking NMA’s online Fundamentals of Low-Income Housing Tax Credit (LIHTC) Management course, offered by our our partners’ online training division.
One of our clients recently reported that he cashed in a 401(k) account. The full value of the account was $25,000. $7,000 was deducted for taxes and the client received the remaining $18,000. What should we count as income, the full gross amount or the net amount received after taxes?