Multifamily Housing expects to issue an interim final rule in the near future that amends the regulatory language to implement the Fixing America’s Surface Transportation (FAST) Act. When the FAST Act was signed into law last year, it contained language allowing PHAs and owners to conduct full income re-certification for families with 90 percent or more of their income from fixed-income every three years instead of annually.
This interim final rule also aligns the current regulatory flexibilities with those provided in the FAST Act by modifying the earlier streamlining regulations. This would make the procedures for families meeting the fixed-income threshold as similar as possible to families who do not have 90 percent of their income from fixed sources, but still have some fixed income.
In addition to streamlining fixed income stipulations, the interim final rule also indicates that an owner may:
- Make utility reimbursements of $45 or less ($15 a month) on a quarterly basis.
- Accept family declaration of assets under $5,000. Third-party verification of all family assets will be required every 3 years.
Although HUD is issuing these changes as an interim final rule, the Department has delayed the effective date for a period of 90 days. This allows participants in Multifamily housing programs and other interested parties to submit comment during the first 30-day period following publication. HUD will take any comments received into consideration and determine whether any further changes should be made before implementing the streamlining changes for the Multifamily housing programs.
Once the policy is live on HUDClips, the Multifamily homepage will also link to the information under “What’s New.”
Questions should be directed to Danielle Garcia.
