HUD updates required exclusions from annual income calculations

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HUD has updated the required exclusions from income calculations to be used when determining eligibility and benefits for HUD programs. The updates are fairly minor, but they impact all HUD programs, including public housing and housing choice vouchers administered by public housing authorities, Section 8 properties, and the Section 236 and Rent Supplement programs. All HUD program participants who make income determinations should therefore update their policies and procedures to reflect this update.

The changes from HUD’s last notice, which was published in 2012, exclude the following from the calculation of annual income:

Additionally, the notice clarifies for Section 8 programs when higher education scholarships should be excluded from income and modifies the timeline for excluding settlement payments under a case entitled Corbell v. Salazar.

 

Topics:  Funding, Housing Market, HUD, Mortgages

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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