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Income and Assets in Today’s Technology Driven Economy Continuing advancements in technology have changed the way we live our lives, how we earn money, and how we bank. While these changes have created opportunities and convenience, it also expands the income and asset sources beyond the sources covered in the HUD 4350.3. Another important question we need to understand is, “What is “Gig Income”?” Companies like Uber, Lyft, and Upwork are providing workers the ability to earn income on their own terms. This can mean someone driving a few Uber routes a week, taking on a data entry job on Upwork, or full-time employment through one of the many freelance sites. This presents challenges for assisted housing compliance, as income may be sporadic, subject to change throughout the year, and include self-employment expenses. In addition, with continued advances in technology, we are now living in the “Age of the App” which has created peer-to-peer payment apps, such as Venmo, Cash, PayPal, etc. The increased prevalence of these apps have spurred a lot of questions within our industry as it relates to determining tenant eligibility. This session will provide guidance and assist in the review of new policies and procedures. Topics covered include, but are not limited to: • Determining Income from Self-Employment • Units Being Used for Business and Business Deduction • Documentation Requirements (including a review of the IRS tax forms) • Peer-to-Peer Apps (Income or Asset?) • Cryptocurrency Instructor: Amanda Lee Gross – US Housing Consultants Amanda Lee Gross with US Housing Consultants. As Vice President of Training and Compliance Policy, Amanda brings her vast experience in housing to their training and compliance services. She learned the housing industry from the ground up, starting as a site manager and quickly working her way to a Compliance Director. Ms. Gross has leveraged that experience and has become a nationally recognized expert trainer in Fair Housing, LIHTC, RD, HUD, and HOME. She has conducted hundreds of training workshops and seminars throughout the country, helping property management professionals become more effective and better able to protect the assets and reputation of companies. Amanda is a leader in the affordable housing industry, speaking at several industry conferences each year and working closely with many state agencies.
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