On April 26 2019, the U.S. Department of Housing and Urban Development (HUD) released official guidance on the treatment of ABLE accounts in HUD-Assisted Programs. Click here to read the full notice on the HUD website (PIH 2019-09).
This guidance provides reassurance to prospective and current ABLEnow account owners 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 eligibility 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.
For more information on ABLEnow, please contact Customer Service.