On September 24, the IRS announced Revenue Procedure 2024-38, which will exclude all military service-related disability benefits from income calculations when determining veterans’ eligibility for Housing Credit properties. This change addresses concerns that veterans receiving VA disability benefits were often disqualified from these properties due to exceeding income limits. Effective October 24, this update aims to alleviate barriers for veterans and combat homelessness, aligning with a recent policy shift by HUD and the VA regarding the HUD-VA Supportive Housing (HUD-VASH) program. The new guidance ensures that VA disability benefits will not count against veterans’ income in housing applications, promoting greater access to affordable housing for those who have served.
IRS Excludes Veteran Disability Benefits from Income Calculations for Housing Credit
Oct 24, 2024 | Affordable Housing News, Newsletter