Income Calculations

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This should make it easier for veterans to qualify for affordable housing.

COLA increase set at 2.5%.

You’ll use the new figures when calculating household income in 2025.

HUD recently released its annual inflationary adjustments for 2025, impacting the determination of income and assets under the Housing Opportunity Through Modernization Act (HOTMA). The bulk of the legislation deals with reforms to HUD’s Section 8 Housing Choice Voucher program, but it also affects the LIHTC program because LIHTC site owners must use Section 8 rules regarding income calculations.

You must implement the new limits no later than May 16, 2024.

The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

With the recent notice, the 2024 business standard mileage rate is increasing to 67 cents, up 1.5 cents from 2023. In addition to the rate per mile driven for business use, the IRS also announced the standard mileage rate for 2024 will be:

The upcoming increase is below adjustments for the previous two years.

This year’s limits must be implemented no later than June 29, 2023.

HUD recently released its final rule for implementing the remaining Housing Opportunity Through Modernization Act (HOTMA) provisions. HOTMA was a bipartisan bill that sought to align and streamline public housing and HUD multifamily programs. For these programs, the changes under HOTMA touch upon multiple areas, including standards for income determination, resident self-certification, and interim reexaminations.

The IRS recently issued Notice 23-03, which contains the 2023 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Last year, the IRS made a rare midyear mileage rate adjustment in June as a way to combat soaring inflation and high gas prices.

You probably know that each time you certify or recertify a household at your site, you need to determine the cash value of the household’s assets and the income those assets are expected to generate over the next year. It may be the case that increasingly more applicants and households are putting money into certificate of deposits (CDs). CDs are paying more generously now than they have in recent years. And in light of recent Federal Reserve interest rate hikes and the potential for additional ones, CD rates could rise even more.