IPNTA Newsletters

April 2007

Yearly Recert

Believe it or not, recertification will begin again some time in April. Tenants should begin NOW to get their papers in order. The T.A. is organizing a team of people who are very capable to  be trained to understand the recertification process. If you are able to help and capable, please contact us asap and volunteer. We’ll let you know if we need you: info@ipnta.org)

OVERSTATING INCOME:

Some tenants were charged additional rent because they listed certain IRA’s or annuities or assets as INCOME.

When you attach papers to show these assets, (which you are required to do) you should also put a note that explains these assets are not used and do not constitute income. Notarizing this statement would be a good idea.

We have helped two tenants with this issue. We just heard of a third. If you have an accountant, he or she should write the letter. If you don't, write the letter clearly and be sure to pay attention to your rent breakdown when it returns to see if those assets were used to determine your income.

HPD will determine what income is and what it is not based on HUD regulations. However, if you report something as income that is not – they probably will not catch the mistake. You need to check this yourself.

If a mistake was made, you need to go back to HPD and discuss as quickly as possible. Those tenants who came to us for help have had their rents reduced. At this time, they have NOT
reimbursed tenants the additional money paid in rent before the correction was made.  We're working on that, but we do not know the end result.

SUMMARY:

We repeat: Everything must be submitted. Your formula for household income must reflect everything that IS income.

Certain items do not constitute income, others do. Read the instructions or ask us for help. Annuities or IRA’s are not income until they are liquidated. You may be charged a small percent-age on bank accounts that bear interest…. (see HUD rules online.)

If you submit the papers for assets, note it is not income – but by all means submit the papers.

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