EPS, Inc., would love to tell you a little bit more about the new policy concerning Asset Limitations, and what you can do at your property, as well as assisting you with your 50059 reporting to either a PBCA or directly to HUD! 

Notice H 2023-10 – 2023-10hsgn (hud.gov) 

At Admission or Initial Certification (Section A.2 of the Housing Notice H 2023-10, revised 02/02/2024): 

1. If a family’s assets exceed $100K (as adjusted) or owns suitable Real Property, it requires denial of assistance. 

2. MFH programs only: must enforce asset limitation at IC for family’s who lost their assistance because they failed to recertify timely, began paying Market Rent, and now are requesting and eligible to receive subsidy again. 

At AR or IR: is up to O/A discretion on whether to adopt a policy for total non-enforcement, enforcement, or limited enforcement; however, it must be a written and consistent policy (Section A.3 a through d of the Housing Notice H 2023-10, revised 02/02/2024: 

1. Total Non-Enforcement: O/A can choose not to enforce any asset limitations, if written in their policies, at AR or IR, if discovered assets exceed $100K. If Real Property, must count the asset unless specifically excluded § 5.603, 

2. Enforcement: O/A can choose to enforce asset limitations, and enforcement policy must state that at AR if over $100K in assets or owns suitable Real Property, O/A will initiate TM or eviction up to 6 months for noncompliant families but cannot be more than 6 months. 

3. Limited Enforcement: Option to Cure: any family found to be out of compliance at AR, would be given an opportunity to come back into compliance, but no later than 6 months to cure the finding. Please see A.3.c for curing information for your written policy. 

4. Exception Policies: at AR/IR, O/A may establish exceptions to the asset limitation but must be documented if you provide any exceptions to the policy. It must comply with civil rights and fair housing statutes and requirements.  See A.3.d for more information.