In this week’s #TuesdayTip, HUD updates Notice 2023-10 to include new guidance on HOTMA implementation. This includes updates to income exclusions.

Corporate Trainer, Vickie Bell, suggests owners and agents read the notice here for new guidance and information to help write EIV policies & procedures. These updates are required to remain HOTMA compliant.

New guidance posted in the Federal Register outlines the income exclusions including corrections and adjustments. These modifications are vital for accurately determining eligibility and benefits in HUD programs. Here’s what you need to know:

1. 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.
2. 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.
3. 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.

HUD programs are constantly evolving, leading to significant impacts for all stakeholders. It’s essential for participants, whether you’re applying, working within the housing sector, or advocating for communities, to stay current with these updates. This knowledge is key to successfully navigating the complexities of the affordable housing industry.

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