The U.S. Department of Housing and Urban Development (HUD) updated federally mandated income exclusions. HUD posted the changes to the Federal Register this morning in document FR DOC #2024-01873. As a result, there are new corrections and adjustments in addition to the updated income exclusions.
These modifications are vital for accurately determining eligibility and benefits in HUD programs. Here’s what you need to know:
- New Income Exclusions:
- The HUD has added four new types of income that will no longer impact eligibility calculations. These include specific tax refunds, allowances for children of certain veterans, distributions from ABLE accounts, and emergency rental assistance payments.
- Corrections and Adjustments:
- HUD has adjusted existing criteria, in essence, refining the way HUD programs calculate assets and income. For example, the first $2,000 of per capita payments are also excluded unless the per capita payments exceed the amount of the original Tribal Trust Settlement.
- Implications for Stakeholders:
- These changes are essential for applicants, beneficiaries, and administrators of HUD programs. They ensure a fairer, more accurate assessment of eligibility and aid distribution.
You can view the updated list of federally mandated exclusions from income below.
Stay Informed about Income Exclusions and More
HUD programs is ever-evolving, with changes that significantly impact participants and stakeholders. Staying up-to-date with these changes is crucial for anyone involved in HUD programs. Whether you are an applicant, a housing professional, or a community advocate, understanding these exclusions helps navigate the complex landscape of affordable housing.
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