Calculating a family’s rent can be tricky when a family receives cash contributions and other gifts from or when they receive income sporadically or from different sources. For the Multifamily program, the HUD Handbook 4350.3 (REV-1) provides some guidance which NMA trainer and consultant Reneé McTyeire discusses here. (Note, this guidance does not apply to programs under HUD’s Office of Public and Indian Housing (PIH) programs).
Topics: Rent Calculation, Multifamily
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?
Topics: Books and Revision Services, Q&A, Rent Calculation, Knowledge Base
Editor’s Note: Due to HUD’s recent publication of 2018 annual adjustment factors, we are reprising this FAQ from August 2015. The links have been updated for this year’s notice.
QUESTION You mentioned during a webinar that the only limit on rent increases in the HCV program is rent reasonableness. Our PHA restricts rent increases to the annual adjustment factors (AAFs) published by HUD. We have this policy in our administrative plan and have imposed this limit for years. We feel that this helps to control program costs and helps to control rents in the community as a whole. Why isn’t this permissible as long as it is stated in the administrative plan?
Topics: Q&A, Rent Calculation, Industry News, Knowledge Base
On Friday in the Federal Register, HUD’s Office of Public and Indian Housing (PIH) published several technical corrections and clarifications to the Housing Choice Voucher (HCV) provisions of the Housing Opportunity Through Modernization Act (HOTMA) it had issued on January 18. These changes are in part based on public comments from the first notice. In brief, the corrections and clarifications are as follows:
Topics: HOTMA, HQS, Inspections, PBV, PIH notices, Rent Calculation, Seniors and Elderly, VASH, Veterans, Persons With Disabilities
We’re pleased to announce the release of NMA's seminar calendar for the third quarter of 2017. You can view a list of the affordable housing training that Nan McKay and Associates is offering from now through September on this page at our website.
Start planning your summer training now and save! If you register at least 45 days in advance for most seminars, you’ll receive a 10 percent discount. (The discount does not apply to seminars hosted by housing authorities or associations.)
Topics: Books and Revision Services, Fair Housing, HOTMA, LEP, Reasonable Accommodation, Rent Calculation
