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In May of 2020, HUD published a Final Rule finalizing the regulatory language to implement the FAST Act which allows for streamlined recertifications. This final rule discusses how these new rules affect:
This Final Rule reduces the burden of verifying household assets when determining a household’s income upon recertification and also reduces the burden of verifying fixed income sources when determining a household’s income upon recertification. The rule reduces this burden by permitting owners/agents to verify a household’s fixed income (such as social security)every three years as opposed to every single year. For households whose fixed income represents 90% or more of the household’s total gross income, the owner/agent is not required to verify non-fixed income sources in years 2 and 3 after a full third-party income certification has been conducted. Additionally, this new rule allows for utility reimbursements to be paid quarterly in certain circumstances.
This rule makes the process of recertifying households in HUD housing much easier and less time-consuming. So the question is: why haven’t more owners implemented this rule? Some owners and agents have avoided using this new option out of fear the process is too difficult to track. Others are afraid of doing it wrong and getting in trouble.
In this 60-minute webinar, Amanda Lee Gross will provide valuable information relating to the streamlining provisions and provide guidance on how to implement these provisions at a HUD Multifamily Property. Topics Include:
At all of our compliance webinars, attendees will receive more just world-class training. You will also receive the best training materials in the industry and a lively and interactive training environment. This includes,
• A certificate of attendance
• Knowledge checks and polls, and an interactive presentation
