Unemployment Insurance, Electronic Signatures

Posted On: April 16, 2020

Household Stimulus Payments, Electronic Signatures, coronavirus, covid-19, hud, multifamily

Unemployment Insurance Payments

The U.S. Department of Housing and Urban Development (HUD) once again updated the Multifamily COVID-19 Q & A. HUD is now addressing your questions about the household stimulus payments. This includes an answer about the enhancement to unemployment insurance.

Should we count the $600 enhancement to unemployment insurance as income? Click below to see the answer.

Are household payments under the CARES Act reportable as tenant income?

Household stimulus payments of up to $1,200 (which is technically an advance tax credit) and the temporary $600 per week federal enhancement to unemployment insurance provided by the CARES Act are not to be included in calculations of income. However, HUD notes that regular payments of unemployment insurance (issued by the state) are treated as income, as is customary under program rules.

You can view all the latest changes/updates by clicking the button below.

Please watch this week’s Tuesday Tip about household stimulus payments. A number of you had questions about this before the latest HUD update.

The Q & A on stimulus payments appear on page nine of the 04/16/2020 update. It is listed as question 4 in the section entitled, “CARES Act and Additional Resources Available for Response.”

Get the full document

Aside from the stimulus payments, the new document also updates its stance on electronic signatures.

Electronic Signatures

Will MFH allow electronic signatures on its documents?

Production: For FHA insured transactions, please see the section on Office of General Counsel-MFH Closings below for specific information.

Asset Management: Electronic signatures are allowed for all subsidy administration, including contract renewals, rent schedules, and HAP Assignments, and all other Multifamily Housing submissions.

Recapitalization: For RAD and other real estate transactions, the recorded documents typically have “wet” signatures that are notarized. The HUD closing attorney will have to advise if electronic signatures are acceptable in the recording offices in their jurisdictions. Documents that will not be recorded may be signed electronically.

For all transactions, electronic signatures must conform to applicable federal, state, and local requirements.

View our running post on the HUD Multifamily Coronavirus Q & As.