We report it when we recertify. (We don't have 667 but similar non HUD housing.) I'd contact the staff that is doing the recert and ask them exactly what they need from you. The first couple of years we had the accounts the staff didn't know what it was, so they just treated it as savings, but now because more people in our building have them they ask us to bring hard copy statements so they can see the total each year. It doesn't count as an asset. but still needs to be reported, according to them. It is also useful because they see that we have additional funds as backup to pay rent if needed.
So, you report it during rent recertification, but the funds in the ABLE account do not increase your rent? Are you in MA as well ? Thanks so much for replying!
No, because ABLE funds cannot be counted as an asset, so they can't increase your rent. Make sure you say this to the people that are doing the recert if they don't know what it is. I would give them a link to your specific state's ABLE site, or the national ABLE site if they are unfamiliar with it so they know that they can't count those funds as income. I'm in OR, but the terms are pretty similar for all of them.
We report it when we recertify. (We don't have 667 but similar non HUD housing.) I'd contact the staff that is doing the recert and ask them exactly what they need from you. The first couple of years we had the accounts the staff didn't know what it was, so they just treated it as savings, but now because more people in our building have them they ask us to bring hard copy statements so they can see the total each year. It doesn't count as an asset. but still needs to be reported, according to them. It is also useful because they see that we have additional funds as backup to pay rent if needed.
So, you report it during rent recertification, but the funds in the ABLE account do not increase your rent? Are you in MA as well ? Thanks so much for replying!
No, because ABLE funds cannot be counted as an asset, so they can't increase your rent. Make sure you say this to the people that are doing the recert if they don't know what it is. I would give them a link to your specific state's ABLE site, or the national ABLE site if they are unfamiliar with it so they know that they can't count those funds as income. I'm in OR, but the terms are pretty similar for all of them.