HUD posted a preview version of the final rule implementing sections 102, 103 and 104 of the Housing Opportunity through Modernization Act of 2016. Section 102 revises the definition and calculation of annual and adjusted income and addresses how income and eligibility is determined, including the frequency of income reviews. It also creates a safe harbor to allow the use of an income eligibility determination of another provider of federal public assistance; increases the threshold for certain deductions made when calculating adjusted income; creates financial hardship exemptions for adjusted income; and eliminates the use of the Earned Income Disallowance.
Section 104 defines net family assets, establishes an asset limitation for families based on the value of net family assets and property ownership, and provides exceptions for certain investments, including retirement savings and modest increases in income.
The effective date of these provisions will be established upon publication of the final rule in the Federal Register.
