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The Iowa Finance Authority’s Asset Management Team is releasing its Average Income Test (AIT) policy. Please see this link or go to the Manuals and Reference Guides on our website. Please be on the lookout for revised forms and compliance manual incorporating HOTMA soon (Federal Register :: Housing Opportunity Through Modernization Act of 2016: Implementation of Sections 102, 103, and 104).
Also, HUD released a notice last week, Federal Register :: Economic Growth Regulatory Relief and Consumer Protection Act: Implementation of National Standards for the Physical Inspection of Real Estate (NSPIRE); Extension of Compliance Date, extending the compliance date to Oct. 1, 2024 for CPD programs, including HOME and HTF projects. Once IFA has more clarity on NSPIRE and whether LIHTC projects will also be under these new standards, we will make a revision to the manual incorporating those changes and begin using them.
HUD has released the latest FMR limits that are effective Oct. 1, 2023 and they are found here.
Please feel free to reach out to your compliance officer or Tim Morlan, Asset Management Director with any questions.
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