HUD Redefines 'Annual Income'

HUD Redefines 'Annual Income'

March 30, 2009, marked the date that the U.S. Department of Housing and Urban Development's (HUD's) new rule on annual income was initially due to go into effect, changing the way that HUD and tax credit sites are expected to calculate annual income. In the final rule, Refinement of Income and Rent Determination in Public and Assisted Housing Programs, HUD amended 24 CFR Part 5 as follows:

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