RHIIP Listserv Posting #424 - ABLE Account Notice Published
Today, May 6, 2019, the Office of Multifamily Housing Programs issued a joint Notice, Notice H-2019-06, with the Office of Public and Indian Housing that provides guidance regarding the federally mandated exclusion of ABLE accounts from the calculation of income and assets 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.
Notice H-2019-06 provides 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