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2010 HTC Updates. Mississippi Home Corporation Annual Housing Conference January 15, 2010. PURPOSE.

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2010 HTC Updates


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    1. 2010 HTC Updates Mississippi Home Corporation Annual Housing Conference January 15, 2010 Effective March 1, 2010

    2. PURPOSE To provide an overview of the policies and procedures affecting an owner’s/manager’s implementation of the HTC program during the 2010 calendar year, with special attention on MHC’s implementation plans. Effective March 1, 2010

    3. EFFECTIVE DATE All changes/updates effective IMMEDIATELY (no later than March 1, 2010) Effective March 1, 2010

    4. SUMMARY OF UPDATES New/Revised Policies Added Verbiage Grammatical Changes New Reporting Forms Deletions Effective March 1, 2010

    5. GENERAL POLICIES Effective March 1, 2010

    6. GENERAL POLICIES Effective March 1, 2010

    7. CHAPTER 1:HTC Fundamentals Effective March 1, 2010

    8. CHAPTER 1Annual Credit Authority • Updated to reflect latest housing credit equivalent of $2.10 per capita (Page 22) Effective March 1, 2010

    9. CHAPTER 2:Federal Compliance Effective March 1, 2010

    10. CHAPTER 2Deep Rent Skewing Applicable to certain developments (8609): • 15/40 set-aside • Plus federal set-aside (Page 28) Effective March 1, 2010

    11. CHAPTER 2HTC Project Definition of ‘Project’ • All buildings separate project unless • Yes on 8609, question 8b • List of associated buildings • MHC to treat EACH BUILDING as a separate w/out support documentation • NAUR • Unit Transfer • Recertification Waiver (Page 28) Effective March 1, 2010

    12. EXAMPLE 3 UNITS 3 UNITS

    13. EXAMPLE 3 UNITS

    14. CHAPTER 2 HOME loans & NAHASDA Developments with below market HOME loans and/or NAHASDA • Additional LI occupancy • 40/50 set-aside • MHC to monitor • New rule after July 30, 2008 (Page 29) Effective March 1, 2010

    15. CHAPTER 2Full-time Student Household • Any FIVE months of the calendar year; months need not be consecutive • Includes students in grades K-12 • 12 year restriction on utilization of previous foster care exception (Page 30 & 31) Effective March 1, 2010

    16. EXAMPLEFoster Care Effective March 1, 2010

    17. CHAPTER 2General Public Use • Available to the general public • Vacant units • Reasonable attempts to lease required (Page 34) Effective March 1, 2010

    18. CHAPTER 3:State Compliance Effective March 1, 2010

    19. CHAPTER 3American Recovery & Reinvestment Act • Additional compliance requirements • TCAP • Section 1602 Exchange Program • Stiffer noncompliance penalties may be imposed on certain developments • Recapture (full amount of 1602 award less 6.67%) • Penalties • Interest (Page 38-39) Effective March 1, 2010

    20. CHAPTER 3Community Services • Requirements: • Designed for all residents • Two (2) unrelated areas • Broad-based and well designed • Conducted twice per quarter, plus underwritten service once annually • NO SHOW X 2 = ALTERNATIVE (Page 41-42) Effective March 1, 2010

    21. EXAMPLECommunity Services • HTC application promised • Financial Counseling • Health Programs • Computer Classes Effective March 1, 2010

    22. CHAPTER 3Significant Amenities • Owner may not remove development amenities without written prior approval from MHC • Swimming pool • Ceiling fans • Washer/dryers • Garbage disposal • Computer lab • Weight room (Page 43) Effective March 1, 2010

    23. CHAPTER 3Public Housing Wait List • Applicable to developments receiving points under the applicable QAP: • Must be updated annually • Files must document occasional usage • Households previously on PHA waiting list **Non-usage = Noncompliance** Effective March 1, 2010

    24. CHAPTER 3Single-Family Lease Purchase • Community services • to be conducted twice per quarter, plus QAP requirements • Lease-Purchase Orientation Manual • Displayed in office • Right of First Refusal • Purchase provisions • Restrictive Covenants (Page 44-45) Effective March 1, 2010

    25. CHAPTER 3Single-Family Lease Purchase • Homebuyer Education Training (3 yrs of transfer) • Budget Counseling • Credit Repair • Foreclosure Prevention • Home Maintenance Training • Homeownership readiness • Computer skills Required Topics!!! (Page 28) Effective March 1, 2010

    26. CHAPTER 3Compliance Training • No longer available • One-on-one • Group • Specialized training … during the months of January, February, November & December (Page 46) Effective March 1, 2010

    27. CHAPTER 4:Household Eligibility Effective March 1, 2010

    28. CHAPTER 4Full-time Student Status • Five month student status determination implemented on calendar year basis; months need not be consecutive • Part-time student status must be verified on a semester basis • Qualifier = part-time student • Later of expiration of student enrollment or • Change in household FT student status (Page 49) Effective March 1, 2010

    29. CHAPTER 4Developments w/ Subsequent Allocations Existing resident deemed • automatically eligible • Previously program qualified (Page 51) Effective March 1, 2010

    30. <= 6 months of Occupancy Re-examination of household income Add additional income to MI income Over = NC Under = acceptable CHAPTER 4Change in Household Composition (Page 53-54) Effective March 1, 2010

    31. EXAMPLELess than Six Months NONCOMPLIANCE ? 9/4/2009

    32. > 6 months of Occupancy 100% LI: Income eligibility & student status assessment Mixed-income: Initial certification of new member NAUR CHAPTER 4Change in Household Composition (Page 53-54) Effective March 1, 2010

    33. EXAMPLEGreater than Six Months ? COMPLIANCE 12/4/2009

    34. CHAPTER 4Annual Recertification Waiver • Eligibility • Automatic 100% Low-Income • Record – keeping • Full certification • New move-ins • Deeper income targeted units (HOME, NAHASDA) • Vacancy of all new members • Annual student & rent update • TIC or • Student & Rent Declaration (Page 56-57) Effective March 1, 2010

    35. CHAPTER 4 • Deleted prohibitions: • Revocation • Unit Transfers (Page NA) Effective March 1, 2010

    36. CHAPTER 4Unit Transfer 100% LI • Same building = permissible • Different building = permissible Mixed-income • Same building = permissible • Different building = Test income for permissibility <= 140% permissible => 140% non-qualifying (Page 58-59) Effective March 1, 2010

    37. EXAMPLEUnit Transfer 100% LI Development Effective March 1, 2010

    38. EXAMPLEUnit Transfer Mixed- Use Development Effective March 1, 2010

    39. CHAPTER 5:Income & Assets Effective March 1, 2010

    40. CHAPTER 5Income Determination Schedule • Two new income limit schedules: • MTSP • Hold Harmless ** Qualified developments may use of the higher income limit schedule applicable** (Page 61-62) Effective March 1, 2010

    41. CHAPTER 5Methods of Verification • Second-hand • Tax Returns • W2 • Evidence of tax filing • Verbal/Oral • Check Stub (one) (Page 67-68) Effective March 1, 2010

    42. CHAPTER 5Income Support Documentation • Special Sources/Circumstances • EIV • Unacceptable for HTC program • Alternative verification(s) required • Work Number • Greater or YTD & Average Income • Clarify contradictory information (Page 70) Effective March 1, 2010

    43. Average Income Last Six check stubs average income= $681.15/biweekly Annual Income= $17,709.90 YTD From 4/23/09 to 9/1/09 income= $5,569.00 18.7 weeks Annual Income = $15,486.12 EXAMPLEWork Number Effective March 1, 2010

    44. CHAPTER 5Income Support Documentation • Special Sources/Circumstances • Partial Year • Full Year calculation (annualized) • Benefit period unknown • Documentation unavailable • Partial Year calculation • Benefit period unknown • Documentation available (Page 70) Effective March 1, 2010

    45. CHAPTER 5Calculation of Annual Income • Less than Minimum Wage • Greater of actual verified income (including bonuses, raises, tips) & current minimum wage rate • Tip Income • Certification of Tip income • Include amount verified by member (Page 71-72) Effective March 1, 2010

    46. Actual Income $2.13/hr 40 hrs/wk No Overtime Tenant certifies to $150/wk in tips Annual Income= 12,230.40 Minimum wage Min. Wage = $7.25/hr 40 hrs/wk No Overtime No calculation of tips needed Annual Income = $15,080.00 Chapter 5Minimum Wage Income Effective March 1, 2010

    47. CHAPTER 5Calculation of Annual Income • Self–Employment • New Business • Self-employment affidavit • Support Documentation (bank statement, CPA Report, etc.) • Existing Business • Tax Return • Schedule C • Evidence of filing • Self-employment Affidavit (Page 71-73) Effective March 1, 2010

    48. CHAPTER 5Social Security - 2010 COLA - ** NO verification via the Social Security Administration required in 2010** • Social Security retirement benefit ONLY • Written documentation required **MHC 2010 gift** Provided no additional COLA is announced for 2010 (Page NA) Effective March 1, 2010

    49. CHAPTER 5Calculation of Annual Income • Asset Income • Assets Under $5,000 • Assets Greater than $5,000 • Examples (Page 75-76) Effective March 1, 2010

    50. CHAPTER 5Special Occupants • Special Occupants • Students • Exclude all forms of financial assistance • Include all forms of financial assistance • Section 8 assistance • 23 w/ dependent child(ren) • Lives w/parents • Seventeen year old residents • Count earned income from 18th birthday to end of certification period exceptions (Page 77-78) Effective March 1, 2010