News
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What do I need to do with the HUD 2026 release of new income limits?
The FY 2026 Income limits have been posted and are effective from 5/1/26. Update your software with the new Multifamily income limits to comply. Any incorrect income limit will generate an Action 1 TRACS error for certifications with an effective date of 5/1/26 or later. Contact your software vendor for assistance in the process. EPS, Inc. can help with ensuring compliance.
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ASSET LIMITATIONS (ENFORCEMENT IS DISCRETIONARY)
EPS, INC., would love to tell you a little bit more about the new policy concerning Asset Limitations, and what you can do at your property, as well as assisting you with your 50059 reporting to either a PBCA or directly to HUD! Notice H 2023-10 – 2023-10hsgn (hud.gov) Annual Inflationary Adjustments and Passbook Rate […]
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Asset Self-Certification
EPS, Inc. endorses a time-saving policy for property owners. According to Notice H 2023-10, owners/managers may implement a self-certification policy for family assets up to $50,000 without third-party verification, but must conduct full verification every three years. If assets exceed $50,000, third-party verification is required annually.
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COLA – more than a soda! 2026 RATES HAVE INCREASED!
EPS, Inc., is here to help! The Cost-of-Living Adjustments (COLA) are effective 1/1/26 for SS and 12/31/25 for SSI. This year it is a 2.8% increase. If your property participates in Streamlined Verification (Streamlined Income Determinations – EPS, Inc.), you can use the COLA factsheet (2026 Cost-of-Living Adjustment (COLA) Fact Sheet | News | SSA) […]
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2026 HUD Inflation-Adjusted Values & Passbook Rate
These keep changing every year now with different values fluctuating. If you need some help navigating these ups and downs, contact EPS, INC., as we would love to assist you with your 50059 reporting to either a PBCA or directly to HUD! *NEW HUD released the 2026 Inflationary Adjustments - Annual Inflationary Adjustments and Passbook Rate | HUD […]
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What do I need to do with the HUD 2025 release of new income limits?
The FY 2024 Income limits have been posted and are effective from 4/1/24. Update your software with the new Multifamily income limits to comply. Any incorrect income limit will generate an Action 1 TRACS error for certifications with an effective date of 4/1/24 or later. Contact your software vendor for assistance in the process. EPS, Inc. can help with ensuring compliance.
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*2026 – HOTMA Compliance Deadline has been extended!
HUD just released Notice H 2025–07 – https://www.hud.gov/sites/dfiles/hudclips/documents/HSGN-07.pdf – ; which is extending the deadline for compliance with Section 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 that was initially supposed to be implemented on July 1, 2025, (Notice H 2024-9). The new date is now January 1, 2027, which will give Owners […]
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2025 – Passbook Rates Changing now or with 203A + HOTMA?
HUD has announced a new Passbook rate of 0.45% for 2025, while TRACS still accepts older rates. Errors related to these rates may occur; resubmitting to TRACS can resolve them. Cascading errors linked to imputed assets do not require correction. Assistance is available from the TRACS Service Bureau for submitting files.
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COLA – more than a soda! 2025 RATES HAVE INCREASED!
EPS, Inc. announces a 2.5% Cost-of-Living Adjustment (COLA) effective 1/1/25 for Social Security (SS) and 12/31/24 for Supplemental Security Income (SSI). Properties in Streamlined Verification can use the COLA factsheet for verification without additional documents if third-party verification is obtained within three years. Helpful resources include the SSA website.
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*2024 – HOTMA Compliance Deadline has been extended!
HUD just released Notice H 2024–09 – Hsgn 24-09 (hud.gov) – which is extending the deadline for compliance with Section 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 that was initially supposed to be implemented on January 1, 2025. The new date is now July 1, 2025, which will give Owners and […]
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Passbook Rates Changing now or with 203A + HOTMA?
Yes, No, Maybe every other Sunday? In 2024, HUD released a new HUD Passbook rate of 0.40%, which was included in the HOTMA implementation notice, effective from 1/1/2024. However, we still do not have final specs for 203A and HOTMA, so the software may not be ready to change the passbook rates for both properties and the […]
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HOT MESS OR HOTMA’TUNITY?
EPS, INC. understands the challenges you face and is embracing the HOTMA changes to alleviate your workload. They can assist with policies on Asset and Real Property Restrictions, Streamlining Verification of Assets, and IR timing. EPS also offers support for 50059s and HAP Voucher submissions. Stay informed about Notice H 2023-10 (2/2/24)- 2023-10hsgn.
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ANNUAL RECERTIFICATIONS AND EXTENUATING CIRCUMSTANCE CODES
EPS, Inc. emphasizes timely submission of property notices and resident 50059 signatures. If residents fail to sign on time, O/A should assess extenuating circumstances. If no valid codes apply, tenants must pay market rent temporarily. O/A-caused delays warrant corrected Annual Recertification. EPS’ TRACS Service Bureau assists with timely notices and proper circumstance codes.
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Hardship Exemptions for Health and Medical Expenses and Reasonable Attendant Care and Auxiliary Apparatus Expenses – wow, that is a mouthful!
The notice H 2023-10 specifies that families eligible for general relief will receive a deduction for eligible expenses exceeding 5% of annual income. Housing owners/agents must establish written policies for hardship qualifications and develop policies for families to report changes in their circumstances. Examples of hardships include awaiting assistance program determinations and income loss due to various reasons. For inquiries, contact EPS’ TRACS Service Bureau.
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Do You Have Any Resident Family Members Turning 18?
Dependents turning 18 need to sign consent forms. Policy allows discretion for signing at 18 or next annual reexamination. The lease should be signed at the same time. All deviations from this policy must be documented in procedures. (50 words)
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Streamlined Income Determinations
EPS, Inc. offers time-saving solutions for organizations, such as TRACS Service Bureau reporting for 50059s and HAP vouchers, with expertise in reviewing potential errors. Streamlined income determinations under the FAST Act allow O/A to verify income every 3 years if 90% of a family’s income is from a fixed source. (50 words)
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Reporting Changes for Annual Adjusted Income (AAI)
EPS, Inc. acknowledges the complexity of complying with the new Housing Notice H-2023-10 for HOTMA. The changes include setting a lower threshold percentage for AAI decrease, requiring reporting of changes in family compositions, and allowing the use of EIV for verification. These changes necessitate updates to Policies and Procedures. Contact their TRACS Service Dept. for assistance.
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Asset Limitations (Enforcement?)
EPS, Inc. introduces the new Asset Limitations policy for property owners and provides assistance with 50059 reporting to PBCA or HUD. The policy outlines guidelines for family asset limits, enforcement options, and exceptions. Property owners have discretion in adopting enforcement policies but must comply with civil rights and fair housing statutes.
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What do I need to do with the HUD 2024 release of new income limits?
The FY 2024 Income limits have been posted and are effective from 4/1/24. Update your software with the new Multifamily income limits to comply. Any incorrect income limit will generate an Action 1 TRACS error for certifications with an effective date of 4/1/24 or later. Contact your software vendor for assistance in the process. EPS, Inc. can help with ensuring compliance.
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Elderly Family Deduction going up?
We know that the Elderly Family Deduction is going up to $550 in 2026 for those that implement HOTMA early, as the forms and MAT guide for 203A has not been published yet. However, why are we seeing errors on 202D certs? If you implement early using 202D cert with the HOTMA values, it will […]
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Passbook Rates Changing now or with 203A + HOTMA?
Yes, No, Maybe every other Sunday? HUD released a new HUD Passbook rate of 0.40%, which was included in the HOTMA implementation notice, effective for 1/1/2024. However, we still do not have final specs for 203A and HOTMA, so the software may not be ready to change the passbook rates for both properties and the PBCA’s. We […]
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COLA – more than a soda! RATES HAVE INCREASED!
EPS, Inc., is here to help! The Cost-of-Living Adjustments (COLA) are effective 1/1/24 for SS and 12/29/23 for SSI. This year it is a 3.2% increase. If your property participates in Streamlined Verification (see notice below), you can use the COLA factsheet (see below) as verification and no additonal verification documentation, award letter, or EIV […]
