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HUD Updates the Federally Mandated Exclusions from Income

Wednesday, June 18, 2014

On May 20, 2014, HUD published in the Federal Register an updated list of federally mandated exclusions from income. The notice replaces the previous list of income exclusions published in the December 14, 2012 Federal Register.    Below is a summary of the changes:   
  • Adds an exclusion of any amounts in an “individual development account” as provided by the Assets for Independence Act as amended in 2002.
  • Includes a previously omitted exclusion of any allowance paid under the provisions of 38 U.S.C. (c.) to children of Vietnam veterans born with spina bifida, children of women Vietnam veterans born with certain birth defects, and children of certain Korean service veterans born with spina bifida.  
  • Clarifies the criteria for Section 8 participants for exclusion (viii) - Amounts excluded from income for students; and  
  • Corrects the timeline of exclusion (xxiii) for settlement payments pursuant to the case entitled Elouise Cobell et al. v. Ken Salazar et al., for a period of one year from the time of receipt of that payment.
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