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Income & Assets in Today's Tech Driven Economy

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Handling Self-Employment for Affordable Housing Programs with a focus on gig income and a review of peer-to-peer payment apps

About this Event

Working with New Income and Asset Sources

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.

Gig Income

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.

Handling Income From Self-Employment

Verifying and calculating income from self-employment has always been challenging for HUD, Tax Credit and other assisted housing programs. Income in the Gig Economy is no exception to these challenges In this webinar, Amanda Lee will discuss the requirements on how to determine annual income from self-employment and how to document anticipated income from employment in this new economy.

  • Determining Income from Self-Employment
  • Units being Used for Business and business deduction
  • Documenting Self-Employment Income (Including specific information for Uber, Lyft, Door Dash, Grubhub, Postmates and more!)
  • Review of IRS Tax Forms, (updated in 2020) 1040 & Schedule C.

Peer-to-Peer Payment Apps

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 the following questions within our industry;

  • Are these peer-to-peer treated as household assets?
  • Are deposits made into the app treated as income?

In this session, Amanda will provide guidance on Peer-to-Peer Payments apps and will even touch upon cryptocurrency.

Learn to Conquer Compliance

These new sources of income and assets will require new policies and procedures, and a new way of thinking about verifying income. In this session, attendees will receive:

  • A certificate of attendance
  • A content-rich PDF manual
  • Interactive webinar training where you can ask questions and participate in knowledge checks

Meet Amanda Lee Gross

Amanda Lee Gross learned the affordable 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 became 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 thought leader in the affordable housing industry, speaking at several industry conferences each year, and working closely with a number of state agencies. She has a one of a kind training style that conveys the complex elements of affordable housing compliance in a relaxed and easy to understand style.

I have had the great pleasure of leading a couple of classes with Amanda Gross – trainer extraordinaire at US Housing Consultants. I feel like I’m the “old guard” watching over the “rising star”. Amanda’s classes are full of necessary information and she has a knack for delivering compliance content in such a way that you will never be bored. If you get a chance, be sure to join her for a LIHTC or HUD training.--- Mary Ross
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