Massachusetts

MapState News:

May 10, 2016

HUD Releases 2016 MTSP Income Limits

On 03/28/2016 HUD released the 2016 income limits. Click this link to look up the limits for your area:

LIHTC developments have a 45 day period to implement the new limits.

February 9, 2016

EOY Documentation is due 3/15/16.

Please refer to END OF YEAR REPORTING below.

MEMO: Collecting last month's rent in advance.

March 6, 2015

-The 2015 LIHTC Income Limits have been released. A quick overview shows an increase across the boardSee this link to the HUD website.

February 1, 2015

An updated Owner Certification form is now available.

Question Xb has been modified for clarity. If your property is not 100% LIHTC you will need to know if the applicable fraction is based on the number of LIHTC units versus the number of non LIHTC units , or the square footage of the LIHTC vs. non LIHTC units. This is needed in order to monitor for compliance with the Next Available Unit Rule. You will be asked to provide documentation of the applicable fraction only if there is a question regarding NAU rule compliance.

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.



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.