Income
Foster Children and Foster Adults are now treated like?
Live in aides
What are the two types of assets?
Personal property and real property
What is the dependent and elderly deductions?
$480 and $525
Name 2 forms that HUD will be updating.
Lease, 50059, 9887/9887A, and How your rent is determined
What is the percentage threshold for increases in unearned income.
10%
True/False
Non-monetary in-kind donations from a food bank or similar organization is now excluded from income.
True
What are the two types of personal property?
Necessary and Non-necessary
What percentage is the eligible medical expenses going to?
10%
Name two forms management will be updating?
TSP, EIV policy and procedure, under $50,000, Applications
When would an interim be conducted when earned income increases by more 10%
Only if there was an interim for an income decrease
What is the name of the new type of verification that holds management harmless?
Safe harbor or means tested
Name two types of assets that are now excluded.
Tax refunds, retirement accounts, irrevocable trusts, revocable trust not under the control of the family.
What are the two types of medical hardship exemptions?
Phase-in and General Relief
How many days notice do residents get when the new lease is released?
BONUS: How many days do they have to respond?
BONUS: What happens if they do not respond?
60 days
BONUS: 30 days
BONUS: eviction
How many days do residents have to report a change?
14
How many paystubs are required to verify income?
Four
When are assets verified regardless of value?
Move in and every three years.
With phase in, what is the percentage that will be used in year 1?
BONUS, year 2 and year 3.
5%
BONUS: 7.5% and 10%
When do residents need to sign the new 9887/9887A
at the first interim or annual, when someone is added, when someone turns 18
How many days does management have to complete an interim after it is reported?
30 days
How is income verified/calculated at annual recertification?
BONUS: how is previous 12 months determined
Previous 12 months
BONUS: EIV last 4 quarters and by 4 paystubs if resident does not agree or if there are changes.
What are the types of asset limitations?
real property and value of non-necessary assets
What is the time frame for general relief and childcare hardships?
Are extensions available?
90 days and no
First class mail and hand delivery to adult or post on door. NOT electronic.
If management fails to complete an interim on time, and there was an increase of rent, what happens?
The rent increase is written off until the resident gets a 30 day notice.