Laserfiche WebLink
Retirement Accounts [24 CFR 5.609(b)(26) as updated for HOTMA; Notice PIH 2023-27] <br />Income received from any account under a retirement plan recognized as such by the IRS, <br />including individual retirement arrangements (IRAs), employer retirement plans, and retirement <br />plans for self-employed individuals is not considered actual income from assets. <br />However, any distribution of periodic payments from such accounts is included in annual income <br />at the time they are received by the family. <br />An asset moved to a retirement account held by a member of the family is not considered to be <br />an asset disposed of for less than fair market value. <br />Social Security Benefits [Notice PIH 2023-27] <br />The PHA is required to use the gross benefit amount to calculate annual income from Social <br />Security benefits. <br />Annually in October, the Social Security Administration (SSA) announces the cost-of-living <br />adjustment (COLA) by which federal Social Security and SSI benefits are adjusted to reflect the <br />increase, if any, in the cost of living. The federal COLA does not apply to state-paid disability <br />benefits. Effective the day after the SSA has announced the COLA, PHAs are required to factor <br />in the COLA when determining Social Security and SSI annual income for all annual <br />reexaminations and interim reexaminations of family income that have not yet been completed <br />and will be effective January 1 or later of the upcoming year [Notice PIH 2023-27]. When a <br />family member’s benefits are garnished, levied, or withheld to pay restitution, child support, tax <br />debt, student loan debt, or other debts, the PHA must use the gross amount of the income, prior <br />to the reduction, to determine a family’s annual income. <br />SAHA Policy <br />Annual income includes “all amounts received,” not the amount that a family may be <br />legally entitled to receive but which they do not receive. When the SSA overpays an <br />individual, resulting in a withholding or deduction from their benefit amount until the <br />overpayment is paid in full, SAHA must use the reduced benefit amount after deducting <br />only the amount of the overpayment withholding from the gross benefit amount. <br />EXHIBIT 1