New eligibility rules for HUD. Those with net assets of $100,000 or more adjusted each year with inflation would be considered ineligible for assisted housing, as would anyone who already has an ownership interest in property deemed suitable for their family to live in. Though enforcement of this new requirement would be left to local housing authorities.
(Sec. 104) A PHA(public housing authority) may not rent a dwelling unit to or assist families with net family assets exceeding $100,000 annually (adjusted for inflation) or an ownership interest in property that is suitable for occupancy. This restriction does not apply to victims of domestic violence, individuals using housing assistance for homeownership opportunities, or a family that is offering a property for sale. PHAs must require applicants to authorize financial institutions to disclose records necessary to determine eligibility for benefits. HEREBoth the Senate and House of Representatives have passed a bill that seeks sweeping reforms to the nation’s rental assistance programs. The Housing Opportunity Through Modernization Act of 2016 received unanimous support in both houses. The House passed H.R. 3700 on Feb. 2, and the Senate approved the bill July 14, sending the legislation to President Obama for his signature. those with net assets of $100,000 or more — adjusted each year with inflation — would be considered ineligible for assisted housing, as would anyone who already has an ownership interest in property deemed suitable for their family to live in.
If a public housing tenant has income greater than 120 percent of the area median income for two years in a row, they would have to pay rent equal to either “fair market rent” or the public subsidy for the unit — whichever is greater — or leave their public housing unit. Under the Housing Opportunity Through Modernization Act (H.R. 3700), the Department of Housing and Urban Development (HUD) would be required to change certain aspects of its rental assistance programs by altering calculations of tenant income and rent, and making households that exceed new income and asset limits ineligible for assistance.
Specifically, the bill proposes to lower the amount of child care expenses as well as medical expenses that can be deducted for elderly and disabled families, but would increase the amount that can be deducted for dependents. In addition, households with more than $100,000 in assets would be ineligible for assistance, though enforcement of this new requirement would be left to local housing authorities.
And public housing authorities would be allowed up allocate up to 20 percent of their assistance vouchers to units, rather than tenants, as well as an additional 10 percent of vouchers to units targeting specific groups-in-need, such as the homeless, veterans and elderly people with disabilities.