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HUD Now Exempts ABLE Accounts


In a notice issued earlier this month the US Department of Housing and Urban Development, better known as HUD,  formally recognized the Achieving a Better Life Experience (ABLE) Act and will now disregard the amounts in beneficiaries’ ABLE accounts when determining eligibility and continued occupancy for HUD programs.

This change will therefore allow those who have, or who are applying for, housing through such programs as the Housing Choice Voucher Program, Public Housing, and Project-Based Section 8 program to exempt any contributions from others that are directly deposited in their ABLE accounts. The same rules apply for any funds that are rolled over into one ABLE account from another. It should be noted that earned income will still not be exempt from HUD determinations even if those earnings are deposited directly into an ABLE account.

For more information on ABLE accounts you can go here: https://www.marylandable.org/

You can see the notice in full here: https://www.hud.gov/sites/dfiles/OCHCO/documents/2019-06hsgn.pdf