The U.S. Department of Housing and Urban Development will publish a notice in Thursday’s Federal Register establishing operating cost adjustment factors (OCAFs) for eligible multifamily housing properties with an anniversary date on or after Feb. 11, 2024. The national OCAF is 5.3% and the state rates vary from 4.3% in South Dakota to 7.1% in Connecticut. The nationwide rate is a drop from the 6.1% OCAF increase in 2023. OCAFs are calculated as the sum of component cost changes for nine components and are used to adjust Section 8 rents renewed under Section 515 or Section 524 of the Multifamily Assisted Housing Reform and Affordability Act of 1997.
The Internal Revenue Service (IRS) recently updated its frequently asked questions document related to refund claims for the employee retention tax credit (ERC) to outline procedures for employers to withdraw suspect claims. The ERC was enacted in response to the COVID-19 pandemic as relief for employers in the form of refunds of employer payroll taxes for up to $26,000 per eligible employee. Qualification is complex: At a high level, employers may be eligible to claim the credit if they suffered a significant decline in gross receipts in 2020 or during the first three quarters of 2021 as measured against quarters in 2019, or if they sustained a full or partial suspension of operations due to a government-issued order aimed at mitigating the spread of COVID-19. The IRS says it believes that many employers filed claims without fully vetting their eligibility, potentially based on faulty advice from advisors who might have been compensated on a commission basis.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Wednesday’s Federal Register listing additional areas subject to small area fair market rents (SAFMRs) in the housing choice voucher program.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Tuesday’s Federal Register seeking comment for an additional 30 days on its application forms for the Green and Resilient Retrofit Program (GRRP) funded through the Inflation Reduction Act of 2022. The GRRP makes loans and grants to implement clean energy strategies at eligible HUD-assisted programs. Comments on the application are due by Nov. 2.
The U.S. Department of Housing and Urban Development (HUD) last week published a notice providing guidance to public housing authorities (PHAs) and multifamily housing owners on implementation of provisions of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Housing Notice 2023-10 includes implementation guidance for all programs except Section 104 asset limitation–including Section 8 and Section 202. The guidance requires multifamily housing owners to update their tenant section plans and enterprise income verification (EIV) policies and procedures by March 31, 2024. There is further guidance on a variety of issues, including a list of dates and tasks for owners to be in compliance through HOTMA.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register proposing a collection of information for rental households and rental housing stock in areas that receive Community Development Block Grant–Disaster Recovery (CDBG-DR) grants.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Thursday’s Federal Register delaying the compliance date for the National Standards for the Physical Inspection of Real Estate (NSPIRE) final rule until Oct. 1, 2024, which is a year later than originally planned. The notice says HUD is taking this action to allow public housing authorities (PHAs) additional time to implement the NSPIRE standards, which were part of the Economic Growth Regulatory Relief and Consumer Protection Act. That provides more time to train staff, communicate with landlords and for HUD to provide additional technical resources. HUD previously announced a similar delay for select programs. PHAs that wish to continue using Housing Quality Standards for inspections after Oct. 1, 2023, must notify HUD of their intent and the date on which they plan to transition to NSPIRE, which can be no later than Oct. 1, 2024.
The U.S. Department of Housing and Urban Development (HUD) will publish a notice in Friday’s Federal Register seeking comments on a proposal to reinstate the collection of Rental Assistance Demonstration (RAD) program application forms. HUD’s request seeks feedback that includes ways to enhance the quality, utility and clarity of the information collected. Comments are due Nov. 21.
The U.S. Department of Housing and Urban Development (HUD) published a notice in today’s Federal Register designating 2024 difficult development areas (DDAs) and qualified census tracts (QCTs) for purposes of the low-income housing tax credit (LIHTC). LIHTC properties built in a QCT or DDA are eligible to increase their eligible basis by up to 30%. The notice designates DDAs for all states, the District of Columbia and four major U.S. territories (Guam, the Northern Mariana Islands, Puerto Rico and the U.S. Virgin Islands). QCTs are based on income and poverty data released in the American Community Survey. The 2023 DDAs and QCTs are effective for LIHTC allocations made after Dec. 31, 2023, or for buildings financed by tax-exempt bonds that are placed in service after Dec. 31, 2023.
The U.S. Department of Housing and Urban Development (HUD) announced today it will extend the compliance date to Oct. 1, 2024, for the National Standards for the Physical Inspection of Real Estate (NSPIRE) for select programs.