EIV (Enterprise Income Verification) is a web-based computer system having income and employment information on people participating in rental assistance programs of HUD. This information assists HUD in ensuring the right advantages go to the right people.
What Information of Income is Reported in EIV?
The Social Security Administration is reported in the EIV as:
- Social Security (SS) benefits
- Dual Entitlement SS benefits
- Supplemental Security Income benefits
Where does The Report Come From?
The Social Security Administration comes from the HSS (Department of Health and Human Services) and NDNH (National Directory of New Hires):
- Wages
- New Hire (W-4)
- Unemployment compensation
What is the Information in EIV Used For?
The Enterprise Income Verification (EIV) system gives the employment history and income information to the manager or owner of the property where you live. This information is employed to meet the requirement of HUD to independently verify the income and/or employment when you qualify for continued rental assistance. Obtaining the data from the EIV system is less time consuming and more accurate. Also, it costs the manager or owner for examining the income source directly for verification.
Property managers and owners can use the EIV system to decide if the candidate has correctly reported the income or not. Also, they will be able to determine if the candidate:
- Get rental assistance at other property
- Declined to report or under-reported the income of a mate or other family member
- Used a fake social security number
Penalties for Providing Incorrect Information
Giving inaccurate information is a fraud. Punishments for the people who commit fraud could incorporate an eviction, fines up to $10,000, repayment of overpaid assistance received, a ban from receiving any future rental assistance, imprisonment up to five years, or local and state government penalties.
HUD Reporting Requirements
When filling the applications and recertifications, the person must enter all sources of income or the income any member of the household earns. Some sources are:
- Income from wages
- Unemployment benefits
- Welfare payments
- Social Security (SS) benefits
- Supplemental Security Income (SSI) benefits
- Pensions
- Retirement
- Income from assets
- Veteran benefits
- Payments received on behalf of a kid like Child support, Social security for children, AFDC payments, etc.
Any queries on whether the payment received should be included as income or not, ask the property owner or manager. Whenever any changes occur in the household income or family composition, instantly contact the property owner or manager to decide if this will affect the rental assistance or not. The property owner or manager is obliged to provide a copy of the fact sheet to the candidate on how the rent is determined. The sheet includes a listing of information on what is incorporated or excluded from income.
To know in-depth about addressing EIV Income Discrepancy Reports, do give our detailed blog a read.
Final Words
The property manager or owner can provide additional information on EIV and the income verification process. To know more about EIV, attend the Compliance Prime webinar.
To read in detail about How To Read EIV Income Discrepancy Report, do give our in-depth blog a read.
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