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.
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).
Rental Assistance Demonstration: Implementation of Certain Fiscal Year (FY) 2018 Appropriations Act Provisions (FRN 6105-N-01)
This notice establishes rules for which FY rent levels are used as well as deadlines for submission of completed RAD applications. It notes that the RAD application has been significantly simplified, and highlights changes in multi-phase deadlines, the ability to withdraw and reapply for RAD to receive more current rent levels, and RAD second component changes.