Housing and Urban Development (HUD) Guidance on ABLE Accounts Released
On April 26, 2019, the U.S. Department of Housing and Urban Development (HUD) released long-awaited official guidance on the treatment of ABLE accounts in HUD-Assited Programs (https://t.e2ma.net/click/b6ue6b/7md5al/n3oxe6). This guidance provides reassurance to prospective and current CalABLE account holders participating in low-income housing programs, as it affirms that HUD program administrators and public housing directors must disregard amounts in an individual's ABLE account when determining eligiblity and continued occupancy.
The notice applies to the public housing program; the housing choice voucher program; project-based section 8; Section 202/162 project assistance contract; Section 202 project rental assistance contract; Section 202 senior preservation rental assistance contracts; Section 811 project rental assistance contract; Section 811 project rental assistance; Section 236; and Section 221(d)(3) and Section 221(d)(5) below market interest rate.
Click here to learn more and read the guidance letter.
For more information on the CalABLE program (https://t.e2ma.net/click/b6ue6b/7md5al/joqxe6), contact them at 916.653.1728 or firstname.lastname@example.org.