In 2016 HUD released the first Streamlining Final Rule which introduced Streamlined Verification of Fixed Income (e.g. Social Security, Veterans Benefits, pensions, etc.). The Final Rule was explained in HSG Notice 2016-09 Streamlining Administrative Regulations for Multifamily Housing Programs.
This change, along with a few other announcements and clarifications, was effective April 7, 2016.
In December, 2017, HUD introduced a Proposed Final Rule Streamlining Administrative Regulations for Multifamily Housing Programs and Implementing Family Income Reviews Under the Fixing America's Surface Transportation (FAST) Act adding three additional changes for Multifamily Housing programs. These included:
These changes became effective March 12, 2018.
On May 7, 2020, after receiving comments from the industry, HUD released the Final Rule Streamlining Administrative Regulations for Multifamily Housing Programs and Implementing Family Income Reviews Under the Fixing America's Surface Transportation (FAST) Act.
In this Final Rule, HUD addresses comments from the industry related to the Proposed Final Rule described above.
Included is a change to the rules regarding Streamlined Certification for Fixed Income Families. When creating certifications in Year 2 and Year 3 of Streamlined Certification, HUD will allow owner/agents to use Streamlined Verification of Fixed Income and allow owner/agents to use previous year’s values for income that is not fixed (e.g. gift income).
This change will become effective June 8, 2020.
After reviewing the questions, HUD’s responses and HUD’s clarifications included in this new Final Rule, we have updated our Streamlining FASTForms and have updated our RBD Online Training Workshop class curriculum.
We have scheduled a new Streamlining RBD Online Training Workshop entitled COVID-19, Streamlining and The FAST Act on June 16, 2020. This class provides updated information about how to implement:
We will also discuss how implementing these processes can help as we modify certification processes in response to the COVID-19 pandemic.
Please join us and learn how HUD has provided additional flexibility to reduce the work it takes to complete recertifications.