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HUD Notice 2014-15: New Passbook Savings Rate Effective 2/1/15

Thursday, November 06, 2014

Passbook Savings Rate Effective February 1, 2015 and Establishing Future Passbook Savings Rates

Notice H-2014-15 (
click to read the entire notice)

Purpose
: This notice provides guidance to owners of HUD Multifamily Housing subsidized properties related to the passbook savings rate used to determine annual income from net family assets. Beginning February 1, 2015, Multifamily will annually publish the passbook savings rate to be used for all certifications to replace the previously set rate of 2% with a rate reflective of the national average.

Passbook Savings Rate Effective February 1, 2015

Effective February 1, 2015, the passbook savings rate to be used for all move-in, initial, annual, and interim recertifications when a family has net assets over $5,000 is .06%. This .06% rate must be used until Multifamily Housing publishes and makes effective a new passbook savings rate.

Interim Recertifications:
According to Handbook 4350.3 and the model lease, tenants have the right to request an adjustment through the interim recertification process if their income changes before the next annual recertification. Because a change in the passbook savings rate may change the reported income for individuals with more than $5000 in assets, these tenants are permitted to request an interim recertification. Owners should refer to HUD Handbook 4350.3, Section 7-10 when processing interim recertifications.

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