Income limit increases to be capped at 10 percent.
On Jan. 10, HUD published a notice on changes the agency is intending to implement to the methodology used for calculating Section 8 income limits. HUD publishes these income limits each year based on changes to each...
We review how to anticipate 2024 income with deductions for business or medical use of a car.
The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business,...
The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 71 million Americans will increase 3.2 percent in 2024. The cost-of-living adjustment (COLA) will begin with benefits payable to more than 66...
The average increase across all areas was 5.45 percent.
On May 15, HUD issued the fiscal year 2023 income limits that determine eligibility for various HUD-assisted housing programs, including the Public Housing, Section 8 Project-Based, Section 8 Housing Choice Voucher,...
HUD’s Office of Multifamily Housing recently issued a memo on the treatment of solar benefits for residents in master-metered buildings that use community or rooftop solar power. The guidance addresses how building owners can distribute the financial benefits of community or rooftop solar...
Personal retirement accounts can be tricky to navigate when completing income certifications. They can be considered assets or income depending on if the resident has access to the retirement account funds and if distributions are regular and periodic or sporadic. Generally, when the regular...
The IRS recently issued Notice 23-03, which contains the 2023 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Last year, the IRS made a rare midyear mileage rate adjustment in June as a way to...
The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.
One of the biggest challenges for owners and managers when it comes to calculating rent for HUD-assisted sites is determining the appropriate medical deduction for eligible households. Every household spends some of its income on health-related expenses, but not all households and not all...
As of July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increased by 4 cents, to 62.5 cents per mile. And the new rate for mileage to and from medical treatment for residents is 22 cents. These new rates apply to trips during the second half of...
