Assets
Asset self certification is allowed when?
What is year 2/3 in Michigan?
2nd highest verification heirarchy
What is work number or web based state systems?
Deduction amount for Elderly households
What is $525
Verification we cannot use for LIHTC
What is EIV?
Hotma stands for what
What is Housing opportunity through Modernization Act?
Number of bank statements needed to verify assets in year 2
What is none if the assets are less than $50k?
3rd verification heirarchy
What is tenant provided or EIV+self-certification?paystubs, statements, etc
Dependent deduction amount
What is $480
Verification needed at recertification in year 2 & 3
What is income?
Not a family member any longer for income limit purpose
Who is a foster adult/child?
passbook rate for 2025
What is .45%?
4th verification hierarchy
What is verification from the source?
Preferred income verification method
What is EIV?
Child support amount to count as income
What is the last 12 months actual numbers?
HOTMA effective date
What is July 1 2025?
Number of bank statements you need for checking
1
Last verification method in hierarchy
What is self-certification?
You have a resident that moved-in in January. In July, they report that they have started a new job. When is the interim effective?
When is never? The income will be added to the next annual recertification processed.
Do they still have to report it? Yes! until the HUD lease changes, reporting remains the same
KMG policy for number of paystubs you need
What is 4?
You have a resident that moved in in January. They come in in July and report that they lost their job yesterday. When is the interim effective?
When is August 1st? Decreases in income are completed the same as they were pre-HOTMA.
what is no longer an asset?
What is 401k/retirement accounts?
Daily Double: Name one of the two types of financial aid that is fully excluded when determining income in excess of student costs.
What is Higher Education Act (HEA) or Bureau of Indian Education?
With a few exceptions, thing you cannot own and still quailify
What is a house?
*Only applies to HUD
Daily double: Method to get around using EIV for income verification if your property is layered with HUD.
What is streamlining? No longer need award statement
Social security award letter is good for how long?
What is all year?