DiscretionaryPolicies
EPS, Inc. news posts in the DiscretionaryPolicies tag.
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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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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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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.
