Owners & Agents! EIV Policies & Procedures must be updated under HOTMA. In this week’s’ #TuesdayTip, how you can prepare to rewrite policies on your multifamily properties.
EIV Policies and Procedure Updates
Multifamily Owners & Agents please note HUD requires you to use the EIV system in its entirety. As you begin updating policies and procedures please remember:
- Updated EIV Polices & Procedures Must Reflect Discretionary Use of EIV Reports.
- Refer to HUD NOTICE 2023-10 for guidelines as you begin to revise your policies and procedures.
- Owners are NOT required to use EIV during interim Re-examinations.
- Income Reports are NOT required during annual Re-examination if Safe Harbor Verification is used to determine family income.
