Social Security announces 2019 COLA increases

The Social Security Administration has announced a 1.6% increase in SSA and SSI payments for 2020.

For Annual Recertification’s effective January 1, February 1 and March 1, you can do one of the following:

1. Continue to use only what is reported in EIV;
2. Use the SSA benefit, award letter provided by the resident that shows the COLA increase (as long as it is within 120 days of receipt by owner.) SS/SSI will send recipients a COLA notice in December 2019. This notice will show the new amount they will receive. If you choose to use this notice as a 3rd Party Verification, please remember to date stamp the notice when you receive it from the tenant, as there is no date on the actual notice; or
3. Use the current verified income and add the 1.6% COLA increase. If you use this method, remember to document the file to indicate that the COLA was included in the Annual Income determination.

For recertification’s effective April 1 or later, EIV should be updated by this time to reflect the increase.

For more information on the COLA:  2020 COLA Increase