Effective February 1, 2015: New Passbook Savings Rate
This notice provides guideance to owners of HUD Multifamily Housing subsidized properties related to the passbok savings rate used to determine annual income from net family assets. This .06% rate must be used until Multifamily Housing publishes and makes effective a new passbook savings rate. This will change the calculation of multiplying assets over $5,000 from .02 to .0006. In addition to the HUD programs set forth in the HUD announcement, this rate is applicable to COAH units that are not administered by HUD. Also, in such cases, it is noted that, pursuant to the Uniform Housing Affordability Controls, the passbook savings rate is applied to all assets that do not otherwise generate income and without regard to the minimum assets threshold required under HUD.
Click here to view the HUD announcement.
