1. Hot Topics
2017 AHMA/ARHC Conference

2. State-Specific Issues State-Specific Issues
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Hot Topics
State-Specific Issues
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Hot Topics

3. Housekeeping for Success
Distractions:
Please Silence Your Cell Phone
Please avoid side conversations during class
Involvement:
Ask Questions
Be involved, make the workshop work for you
Other Notes:
Property-specific questions may be moved for later discussion

4. Today’s Updates/Hot Topics
Social Security – Pending Application
Owner’s Annual Certification – New Questions
Casualty Losses/Units Off-Line
Rideshare Drivers – Income & Verifications
Questions & Answers

6. Social Security – Pending Application
Anticipated Social Security Income
Q: If an applicant anticipates Social Security Income on their application but benefits have not been awarded yet, do we still have to verify and count the income?
A: Yes
#3 – If the applicant is not of retirement age, but indicates that they will be receiving an award, or they have applied for an award from Social Security (including Supplemental Social Security (SSI), we ask that you request any correspondence from Social Security as to the status of their benefit application.

7. Social Security – Pending Application
Your Social Security Statement

12. Owner’s Annual Certification – New Questions
24. The Owner/Property Manager notified the Commission upon discovery of any identified noncompliance. This includes households whose income exceeded the applicable limits at move-in (due to resident fraud, management error, or any other reason), fell out of compliance with the student regulations or were charged rent in excess of the tax credit limit.
□Yes □No If no, attach a list identifying unit(s) and explanation.
□None Discovered

13. Owner’s Annual Certification – New Questions
24. The Owner/Property Manager notified the Commission upon discovery of any identified noncompliance:
● This includes households whose income exceeded the applicable limits at move-in (due to resident fraud, management error, or any other reason),
● fell out of compliance with the student regulations
● or were charged rent in excess of the tax credit limit.

14. Owner’s Annual Certification –
New Questions
Q: What happens if I accidently overcharge a resident on their rent?
A: If a resident’s gross rent (utilities + fees + rent) exceeds the federal (i.e. 50% or 60%) tax credit maximum rent limit for any month during the reporting year, WSHFC is obligated to issue Form 8823 to the IRS for owner noncompliance. This is still true even if you have promptly notified WSHFC of the problem and corrected the issue.
The IRS takes overcharging of rent very seriously. In fact, once a unit is determined to be out of compliance with the rent limits, the unit ceases to be a low-income unit for the remainder of the year. This means that the potential financial repercussions for the owner could be significant.
The unit isn’t back in compliance until the first day of the next year, even if the owner has already lowered the resident’s rent and refunded them any overpayments made.

16. Casualty Losses/Units Off-Line

17. Casualty Losses/Units Off-Line
● 90 days
● 6 months – 8823 Corrected or Not
Bad Turns:
● Industry Standard – 7 to 10 Business Days
● WSHFC – 30 days
● Then, Can Be Treated Like Casualty Rules Above

18. Rideshare Drivers – Income &Verifications
How do I certify/qualify these households??

19. Rideshare Drivers – Income &Verifications
Rideshare Driver Income/Verification:
Independent Contractor/Self-Employed
Ideal Verification – Copy of Tax Return
Net Income Counted for Qualification Purposes
Resident is required to keep track of all income & expenses – Receipts & Logs
Only the expense portion relating to business use of the vehicle
1st Year = Profit & Loss Statement
● Negative Income = Zero Income
● Self-affidavit attesting

21. Questions & Answers
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