CARH’S BROADCAST E-MAIL – Regulatory Update
Please see the following information issued by Rural Development’s (RD) Office of Multifamily Housing regarding interim recertification requirements for tenants:
On October 13, 2022, the Social Security Administration announced there will be an 8.7% increase in Social Security and Supplemental Security Income (SSI) benefits in 2023. The 8.7% cost-of-living adjustment (COLA) will begin with benefits payable in January 2023. According to the Social Security Administration, Social Security benefits will increase by an average of more than $140 per month starting in January. This increase is due in part to the current inflationary pressures on the economy and a demanding labor market that has dramatically increased salaries, also seen in HUD’s average increase of 11-12% in Area Median Income this year.
Current RD regulation states: “7 CFR 3560.152(e) Tenant certification and verification indicates tenant households must be recertified and must execute a tenant certification at least annually or whenever a change in household income of $100 or more per month occurs.” As this would mean interim recertifications for most Social Security recipients living in rural properties, the Agency is developing a solution to align with other federal programs, thus preventing unnecessary work for management agents and residents. Please wait for further information before processing and submitting interim recertifications for January 2023 and beyond. This does not apply to annual renewal certifications.
RD will notify stakeholders as soon as the Agency has updated guidance to provide. If you have questions, please feel free to reach out to the Servicing Specialist assigned to your property.
Please contact the CARH national office at email@example.com or 703-837-9001 should you have questions or concerns.
For other news and information affecting the affordable rural housing industry, please visit the Newsroom on CARH’s website, www.carh.org.