Important information for our Section 8 PBCA properties regarding MOR Streamlining; Additional Certification Review

RIHousing has been adhering to HUD’s MOR streamlining rule since publication in September 2022. Please be aware when we perform MORs, HUD requires us to look at certifications going back to the prior MOR. This means if we have not performed an MOR in two or three years, we will be pulling certifications back to that last date. Annuals, interims, and gross rents should all be available for review.

Read more about the MOR rule here.

Cost-of-Living Adjustment (COLA) Information for 2025

Social Security and Supplemental Security Income (SSI) benefits for more than 72.5 million Americans will increase 2.5 percent in 2025.

The 2.5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025. Increased payments to nearly 7.5 million SSI recipients will begin on December 31, 2024. (Note: some people receive both Social Security and SSI benefits.)

Read more about the Social Security Cost-of-Living adjustment for 2025.

FY24 Family Self-Sufficiency Funding Notices Post
& Webinar Q&A Sessions Available

On September 24, 2024, HUD published the FY24 Family Self-Sufficiency (FSS) Funding Notices, which describe how FSS programs will apply for their funding for calendar year 2025.

The process for FSS funding applications will look different this year, so please read both notices to learn more and access all the information you need to know. The Priority Deadline is November 1, 2024.

Deadline for Low-Income Communities Bonus Credit Program Approaching

The Low-Income Communities Bonus Credit Program, administered by the Department of Energy (DOE) and the Department of the Treasury, promotes cost-saving solar or wind investments in low-income communities, on Native American land, as part of affordable housing developments, and for projects that benefit low-income households.

The Low-Income Communities Bonus Credit (also referred to as the “Low-Income or EJ Adder”), created through the Inflation Reduction Act (IRA), supplements the existing Clean Electricity Investment Tax Credit (ITC). The standard ITC provides owners with a base credit of up to 30% of the cost of a renewable energy project.

For qualifying projects, the Low-Income Adder can add up to 20 percentage points to the base credit, funding up to 50% of a project. If a project qualifies for additional ITC bonuses, up to 70% of the solar facility costs can be funded.

Reminders:

• Section 8 and the 811 Program Vouchers must be sent to RIHousing NO LATER than the 10^th of each month.
• HUD has issued a notice delaying HOTMA for Multifamily programs, pending the release of TRACS 203A. The new deadline is July 1, 2025. Read the notice here.
  
• UPDATE your property contact information! Have you had staffing changes? Please ensure your property’s contact information remains current and accurate with this easy to use form.

Yes on 3

Voting "yes" on Question 3 will create more housing in Rhode Island and give working ocean staters an opportunity to find a home they can afford. Vote Nov. 5! #YesOn3ForHomes

We'd love to hear from you!

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