Below, please find an update from HUD regarding the treatment of ABLE accounts in HUD-assisted housing programs. To read the attached Notice online, please click here.
The Office of Multifamily Housing Programs published a joint Housing-PIH Notice today that provides guidance regarding the federally mandated exclusion of ABLE accounts from the calculation of income and assets. This is required under the Achieving a Better Life Experience Act of 2014 (ABLE Act). Amounts held in ABLE Act accounts are excluded from asset calculations, and any distributions from ABLE accounts are excluded from income calculations.
This Notice will provide HUD-assisted housing programs with clear guidance on the treatment of:
- Distributions from ABLE accounts
- Contributions made by the designated beneficiary
- Contributions made by others into the ABLE account
- Rollovers from existing ABLE accounts; and
- Requirements for verifying ABLE accounts