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Administrative Plan 7/1/2025 Page 6-37 <br />Checking and Savings Accounts [Notice PIH 2023-27] <br />HUD considers bank accounts as non-necessary items of personal property. Whether or not <br />non-necessary personal property is counted toward net family assets depends on the combined <br />value of all of the family’s assets. <br /> When the combined value of net family assets is greater than the HUD-published threshold <br />amount, which is adjusted annually and listed in HUD’s current year Inflation Adjusted <br />Values tables ($50,000 for 2024, and $51,600 for 2025), checking and/or savings accounts <br />would be counted toward net family assets. <br /> When the combined value of all non-necessary personal property does not exceed the HUD- <br />published threshold amount, all non-necessary personal property is excluded from net family <br />assets. In this case, the value of the family’s checking and/or savings accounts would not be <br />considered when calculating net family assets. <br />However, actual income from checking and savings accounts is always included in a family’s <br />annual income, regardless of the total value of net family assets or whether the asset itself is <br />included or excluded from net family assets, unless that income is specifically excluded. <br />ABLE Accounts [24 CFR 5.609(b)(10); Notice PIH 2019-09] <br />An Achieving a Better Life Experience (ABLE) account is a type of tax-advantaged savings <br />account that an eligible individual can use to pay for qualified disability expenses. Section 103 of <br />the ABLE Act mandates that an individual’s ABLE account (specifically, its account balance, <br />contributions to the account, and distributions from the account) is excluded when determining <br />the designated beneficiary’s eligibility and continued occupancy under certain federal means- <br />tested programs. The PHA must exclude the entire value of the individual’s ABLE account from <br />the household’s assets. Distributions from the ABLE account are also not considered income. <br />However, all wage income received, regardless of which account the money is paid to, is <br />included as income. <br />EXHIBIT 1