Massachusetts

MapState News:

November 7, 2014

Beginning in February, 2015 the imputed rate of interest on cumulative assets exceeding $5,000 will drop from 2% down to .06% A revised certification form will be made available as that date gets closer.

Remember to start adding a Cost Of Living Adjustment of 1.7% to SS. It may also apply to other forms of retirement payments so be sure to ask.See the link hereThe updated TIC effective February 1, 2015 is available under our recommended forms tab below.

February 10, 2014

Utility allowance changes in MA

DHCD’s Section 8 regional administrators stopped calculating UAs for all utilities except heat.  Local PHAs receiving and distributing Section 8 operating subsidies may still be able to provide UAs for utilities other than heat.

As a result, you will need to avail yourself of one or more of the allowable methods for calculating allowances that are offered under revised section 42-10 of the IRC.

A link to this revised utility allowance procedure can be found here.

December 19, 2013

The new 2014 income limits have been released. Please see this blog post written by Erik Whitton for more information and links.

October 30, 2013

The Social Security Administration has just released the new 2014 COLA adjustments. It has been adjusted to 1.5%. Please see this link for details.

October 21, 2013

**NOTICE REGARDING RETIREMENT and INVESTMENT ACCOUNTS**

There has been confusion regarding how to document income and assets involving retirement accounts (IRAs/401ks/etc.) and other investment accounts (Investments without any sort of tax deferment or age restrictions).

Official Spectrum Policy is RMDS (Required Minimum DIstributions) do not trigger conversion of a retirement account to a non-asset. The RMD distribution is considered a lump sum asset and the balance in the account continues to be considered and asset.

Spectrum's position regarding Investments and retirement accounts is that there is no distinction. A withdrawal from any investment account just once a year is considered an asset (lump Sum) and the remaining balance is considered an asset.

Withdrawals twice a year are considered sporadic and therefore an asset. Withdrawals of three times a year or more of more are considered INCOME and the balance is no longer considered an asset.

Should this change we will post again.

June 3, 2013

Do you need LIHTC training?  Spectrum Seminars will be in Boston  in 2013.  Click here for dates and registration information.

February 11, 2013

Massachusetts officials said Thursday that $67 million in state and federal funding and tax credits has been designated to build and preserve 23 affordable-housing developments in 21 communities... Continue reading article in the Boston Globe.

February 4, 2013

There is a new consent form to go along with the new TIC form. It can be downloaded from this page under the forms drop down menu at the left. It authorizes management to collect demographic data.

January 3, 2013

The letter to the owner PDF is now available under the EOY tab on the left panel. If you have questions please contact our office.

December 12, 2012

2013 LIHTC Income Limits have been revised. Follow this link for more information and clarification. 

See the News Archive drop down menu below for more news.

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Massachusetts Contacts

News Archive

Temporary LIHTC Housing for Sandy Victims

Click Here for Information

COLA SS Adjustments

The Cost of Living Adjustment of Social Security was published yesterday at 1.7%. Click this link for more information.

Please begin anticipating the adjustment for the upcoming year

TCAP and TC-X properties must submit EOY documentation as well.

All properties that are required to follow Section 42 regulations must submit EOY reports annually. This includes the annual Owner’s Certification and Unit History Report.  The same is true for Section 42 properties that are beyond year 15. Not sure if this applies to you? Contact Ed Clark at [email protected] or call him at 207-799-0056 x 204

Revised Policy for Assisted Living Properties!

Several Directors of Assisted Living Properties in Massachusetts felt our interpretation of the regulations in regard to meals was inaccurate. As a result, we contacted both DHCD and the IRS. The initial response we received from the IRS was that our reading of the regulations was the correct one. After prolonged discussion, that opinion was modified and we can now conclude that charging LIHTC occupants a fee for any and all meals is allowable under Section 42 regulations as long the following conditions are present:

  1. Potential LIHTC residents are informed prior to occupancy that obtaining meals is not required as a condition of occupancy.
  2. A reasonable alternative is present for obtaining or preparing meals on their own. The presence of a refrigerator/microwave/stovetop/oven etc all contribute to that conclusion.
  3. Thank you for your patience. We are happy to report it has paid off with a favorable conclusion!

Mass Monitor runs World Renowned Road Race

Congratulations to Cathy Turner For completing her first ever Beach To Beacon 10K road race. Cathy crossed the finish line in just under 66 minutes. Cathy wasn’t the only Spectrum employee to run the race this year. Katie Rawson also ran the race and finished in just under an hour. The speed of physical inspections is not expected to change.

MARTHA’S VINEYARD has revised income limits.

As of 6/30/11 HUD has modified the income limits for Dukes County.

Be sure to check and confirm you’re using the right limits.

CONGRATULATIONS!

We’re happy to acknowledge some affordable housing developments that have distinguished themselves at the national level.

Worthington Commons of Springfield was recognized under the HOME program by HUD for being a financially stable project that is helping turn around a difficult neighborhood.

Trolley Square in Cambridge was noted for sustainable and innovative building design.

Together with the Gordon H. Mansfield development in Pittsfield, these properties demonstrate just how effective public/private partnerships can be in making our communities stronger and better places to live.

End Of Year Reporting

2014 EOY Information:

Massachusetts Compliance Guide

Recommended Tenant Forms

Download the TIC in PDF or WORD

Download the new TIC Effective February 1, 2015 PDF

Consent form for the new TIC:   Click here to view the form.

All updated forms are available on our Resources page. Click here to view all forms.

Additional Forms:

Telephone Verification Form

Massachusetts Income Limits

References

HUD has issued clarification regarding excluded income. NOTICE: PIH-2013-04 (HA)

Nothing extraordinary but is definitive regarding Aide and Attendance benefits. Be sure to be able to identify the amount for that purpose.

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Welcome!

Spectrum has been supporting and promoting affordable housing in Massachusetts for over 12 years. We’re proud of our commitment to serve your communities and we’re proud to work both for you and with you to meet the needs of those most at risk. Our job is to ensure affordable apartments are rented to households truly qualified for them, and to ensure these homes are as safe, secure, and well maintained as they can be.

The Massachusetts portfolio of Low Income Housing Tax Credit Properties consists of over 600 hundred properties covering all parts of the state. Almost 40,000 apartments have been made available to persons and families in need of a place to call home.

There are over 100 Management companies involved.

The Massachusetts Department of Housing and Community Development (DHCD) oversees the LIHTC program.