Social Security Cost of Living Increase for 2024

A 3.2% 2024 Social COLA (Cost of Living Adjustment) has been announced. The adjustments to benefits payable to Social Security beneficiaries will begin in January 2024. Increased payments to SSI beneficiaries will begin on December 31, 2023.

Learn more here: https://www.ssa.gov/news/cola/

Reporting of Tenant Data

LIHTC property owners and/or agents must continue to upload LIHTC tenant data to WTC while RIHousing is in the process of migrating to Procorem. Owners and/or agents must also participate in available trainings and practice uploads to Procorem.

HOTMA Updates

Full compliance with the HOTMA final rule is mandatory effective January 1, 2025.

• Contractor Administrators will issue HOTMA-related findings during Management and Occupancy Reviews.
• Owners must correct all HOTMA-related observations that were issued by Contract Administrators during 2024.
• Multifamily Housing Owners who fail to implement HOTMA may be found in default of their business agreements with HUD.
• On October 2, 2023, HUD published the much-anticipated Joint Supplemental Notice for HOTMA Implementation. Click here to read the notice. Compliance deadline extensions are discussed within.  

HOTMA Trainings Available from Industry Partners 

• HOTMA Income and Assets Training Series - HUD Exchange
• Housing Rules! (costellocompliance.com)
• HOTMA Compliance - National Center for Housing Management (nchm.org)
• Ross Business Development (rbdnow.com)
• https://www.ajjcs.net/news.php

Helpful Training Resources

See the links below for Training Resources:

• Property Managers & Owners Training Opportunities - Procorem Trainings
• NCSHA
• Ross Business Development
• NEAHMA
• NCHM
• IREM Event Calendar
• RIHousing LIHTC Compliance Manual
• IRS 8823 Guide

Releases & Reminders

• HOME Program Bulletin and 2023 Income and Rent Limits
• FY2023 Multifamily Tax Subsidy Income Limits (MTSP) - LIHTC Program
• FY2023 OCAF

• 2024 Rhode Island Housing’s Housing Finance Agency Utility Model

• FY2024 Fair Market Rents

• HUD's updated 9250 form for reserve requests

• Section 8 Contract Administration Program Forms & Manuals

• See RIHousing's open positions

• Not sure who your Asset Manager is? Find out here.

Have Available Units?

RIHousing-funded developments are required to list available rental properties.

Site Contact Information

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Owners and Managers can access the form below to update site contact information.

We'd love to hear from you!

To provide suggestions for information you would you like to see in future Property Matters E-News, please email Kathy Millerick at kmillerick@rihousing.com.