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There are also non-HUD programs whose regulations regarding income refer to HUD’s regulations in 24. CFR Part 5.\u00a0\u200b<\/span><\/b><\/p>\nLow-Income Housing Tax Credit Program(LIHTC<\/b>)<\/p>\n
The LIHTC program uses the same methodology to determine the annual income that HUD uses to determine annual income for the Section 8 program. Therefore any changes made to 24 CFR 5.609 will also carry over to the LIHTC program<\/p>\n
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\n- Per Treas. Reg. \u00a71.42-5(b)(1)(vii) “tenant income is calculated in a manner consistent with the determination of annual income under Section 8 of the U.S. Housing Act of 1937.”<\/li>\n
- Per IRS Notice 88-80, “the income of individuals and area median gross income (adjusted for family size) are to be made in a manner consistent with the determination of annual income and the estimates for median family income under section 8 of the United States Housing Act of 1937.”<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
Rural Development Multi-Family Housing<\/h5>\n\n- <\/b>RD MFH programs use the methodology that HUD uses to determine both Annual Income and Adjusted Income.\u00a0<\/b><\/li>\n<\/ul>\n
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\n- RD regulations found at 7 CFR 3560.153 “Calculation of household income and assets. (a) Annual income will be calculated in accordance with 24 CFR 5.609. (b) Adjusted income will be calculated in accordance with 24 CFR 5.611.”<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>\n
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Overview of Key Proposed Changes as part of HOTMA<\/b><\/h5>\n<\/div>\n
\u200bThe following\u00a0sections of\u00a024 CFR\u00a0Part 5\u00a0include proposed changes:<\/p>\n
\n- 24 CFR 5.603(Definitions)<\/li>\n
- 24 CFR 5.609(Annual Income)<\/li>\n
- 24. CFR 5.611(Adjusted Income)<\/li>\n
- 24 CFR 5.618(New \u2013 Asset Limitation<\/li>\n
- 24 CFR 5.657( Interim Recertifications)<\/li>\n<\/ul>\n
24 CFR 5.603(Definitions)<\/div>\n