Revisions to Income and Asset Calculations in Rural Housing Programs
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This rule updates how annual income and net family assets are calculated for rural housing assistance programs. It aligns these calculations with the HUD guidelines to better reflect the financial status of applicants. This affects rural property owners and tenants who participate in the Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing programs, requiring them to follow new income and asset calculation methods.
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Key Changes
- Annual income calculation aligned with HUD's regulation
- Introduction of net family asset calculation as per HUD's guidelines
- Clarification of income and asset calculation methods for program compliance
Obligations
What this law requires
Calculate annual income for MFH program applicants in accordance with HUD's regulation at 24 CFR 5.609(a) and (b)
Calculate net family assets for MFH program applicants in accordance with HUD's regulation at 24 CFR 5.603(b)
Require annual income certification from tenants in Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing programs using the updated HUD-aligned calculation methods
Update 7 CFR 3560.153(a) to reference HUD's revised annual income definition at 24 CFR 5.609(a) and (b) effective April 13, 2026
Add new paragraph 7 CFR 3560.153(c) stating net family assets will be calculated per HUD regulation at 24 CFR 5.603(b) effective April 13, 2026