Methodology for Annual Inflationary Adjustments to Income Calculations in HUD Subsidized Housing Programs, 27440-27447 [2024-08133]
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Federal Register / Vol. 89, No. 75 / Wednesday, April 17, 2024 / Notices
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[FR Doc. 2024–08185 Filed 4–16–24; 8:45 am]
BILLING CODE 9111–97–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR 6449–N–01]
Methodology for Annual Inflationary
Adjustments to Income Calculations in
HUD Subsidized Housing Programs
Office of the Assistant
Secretary for Community Planning and
Development, Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, Office of the Assistant
Secretary for Public and Indian
Housing, HUD.
ACTION: Notice; request for comment.
AGENCY:
The Department of Housing
and Urban Development (HUD), through
this notice, solicits comment on the
Department’s proposed methodology for
deriving an Inflationary Factor from the
Consumer Price Index for Urban Wage
Earners and Clerical Workers (CPI–W).
This factor will be used to adjust certain
values pursuant to a requirement
established in the Housing Opportunity
Through Modernization Act of 2016
(HOTMA) that such values be adjusted
annually by inflation.
DATES: Comment due date: May 17,
2024. If HUD receives adverse comment
that leads to reconsideration of this
proposed methodology, then HUD will
notify the public via a revised notice
following the close of the comment
period.
Applicability date: The terms of this
notice are applicable to income
determinations with an effective date on
or after January 1, 2025, unless HUD
receives comment that would lead to the
reconsideration of its proposed
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SUMMARY:
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methodology. HUD will publish both
the Inflationary Factor and the Revised
Amounts in August of each year to be
used for the following calendar year.
ADDRESSES: Interested persons are
invited to submit comments on the
proposed methodology.
Communications must refer to the above
docket number and title. There are two
methods for submitting public
comments:
1. Electronic Submission of
Comments. Interested persons may
submit comments electronically through
the Federal eRulemaking Portal at
https://www.regulations.gov. HUD
strongly encourages commenters to
submit comments electronically.
Electronic submission of comments
allows the author maximum time to
prepare and submit a comment, ensures
timely receipt by HUD, and enables
HUD to make such comments
immediately available to the public.
Comments submitted electronically
through the https://www.regulations.gov
website can be viewed by other
submitters and interested members of
the public. Commenters must follow
instructions provided on that site to
submit comments electronically.
2. Submission of Comments by Mail.
Members of the public may submit
comments by mail to the Regulations
Division, Office of General Counsel,
Department of Housing and Urban
Development, 451 7th Street SW, Room
10276, Washington, DC 20410–0500.
Due to security measures at all federal
agencies however, submission of
comments by standard mail often results
in delayed delivery. To ensure timely
receipt of comments, HUD recommends
that comments submitted by standard
mail be submitted at least two weeks in
advance of the deadline. HUD will make
all comments received by mail available
to the public at https://
www.regulations.gov.
Note: To receive consideration as public
comments, comments must be submitted
through one of the two methods specified
above. Again, all submissions must refer to
the docket number and title of the notice.
No Facsimile Comments. HUD does
not accept facsimile (Fax) comments.
Public Inspection of Public
Comments. All comments and
communications properly submitted to
HUD will be available for public
inspection and copying between 8 a.m.
and 5 p.m. weekdays at the above
address. Due to security measures at the
HUD Headquarters building, an advance
appointment to review the public
comments must be scheduled by calling
the Regulations Division at (202) 708–
3055 (this is not a toll-free number).
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HUD welcomes and is prepared to
receive calls from individuals who are
deaf or hard of hearing, as well as
individuals with speech or
communication disabilities. To learn
more about how to make an accessible
telephone call, please visit https://
www.fcc.gov/consumers/guides/
telecommunications-relay-service-trs.
Copies of all comments submitted are
available for inspection and
downloading at https://
www.regulations.gov.
FOR FURTHER INFORMATION CONTACT:
Virginia Sardone, Director, Office of
Affordable Housing Programs, Office of
Community Planning and Development
(CPD), Room 7160, U.S. Department of
Housing and Urban Development, 451
7th Street SW, Washington, DC 20410,
(202) 708–2684. Rita Harcrow, Director,
Office of HIV/AIDS Housing, Office of
Community Planning and Development,
Room 7248, U.S. Department of Housing
and Urban Development, 451 7th Street
SW, Washington, DC 20410, (202) 745–
4323. The email for CPD programs is
CPD_HOTMA@hud.gov. Jennifer
Lavorel, Director, Office of Asset
Management and Portfolio Oversight
Program Administration Office, Office
of Multifamily Housing Programs, Room
6180, U.S. Department of Housing and
Urban Development, 451 7th Street SW,
Washington, DC 20410, (202) 402–2515.
Kymian Ray, Director, Public Housing
Management and Occupancy Division,
Office of Public Housing and Voucher
Programs, Room 4210, U.S. Department
of Housing and Urban Development,
451 7th Street SW, Washington, DC
20410, (202) 402–2065. Adam Bibler,
Director, Program Parameters and
Research Division, Office of Policy
Development and Research, (202) 402–
6057, for technical information
regarding the development of the
schedules or the methods used for
calculating the inflation factors.
The contact telephone numbers listed
are not toll-free numbers. HUD
welcomes and is prepared to receive
calls from individuals who are deaf or
hard of hearing, as well as individuals
with speech or communication
disabilities. To learn more about how to
make an accessible telephone call,
please visit https://www.fcc.gov/
consumers/guides/telecommunicationsrelay-service-trs.
SUPPLEMENTARY INFORMATION:
I. Terminology and Definitions
HUD defines the following terms for
the purposes of this notice:
Adjusted Item. The figure that is to be
adjusted for inflation (e.g., the
dependent deduction).
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Federal Register / Vol. 89, No. 75 / Wednesday, April 17, 2024 / Notices
• HOME Investment Partnerships
Program-American Rescue Plan
(HOME–ARP)
• Housing Choice Voucher
• Housing Opportunities for Persons
With AIDS (HOPWA)
• Housing Trust Fund (HTF)
• Public Housing
• Section 8 Moderate Rehabilitation
• Section 8 Moderate Rehabilitation for
Single Room Occupancy (SRO)
Dwellings for Homeless Individuals
• Section 8 Project Based Rental
Assistance (PBRA)
• Section 202 Project Rental Assistance
Contract (PRAC)
• Section 202/162 Project Assistance
Contract (PAC)
• Section 236 Non-Insured Projects
Subject to Use Agreements (236)
• Section 811 Project Rental Assistance
Contract (PRAC)
• Section 811 Project Rental Assistance
Demonstration (811 PRA)
• Self-Help Homeownership
Opportunity Program (SHOP)
• Senior Preservation Rental Assistance
Contract (SPRAC)
• Supportive Housing Program (SHP)
Inflation Index. The Consumer Price
Index for Urban Wage Earners and
Clerical Workers (CPI–W).1 The CPI–W
is published by the U.S. Bureau of Labor
Statistics and is available on the
following website: https://www.bls.gov/
cpi/.
Index Value. The number produced as
the direct output of the CPI–W on a
monthly basis. This number reflects the
price of a market basket of consumer
goods and services, relative to other
points in time measured by the inflation
index.
Inflationary Factor. The number that
reflects the percentage change in the
index value from one year to the next.
Revised Amount. The final value(s)
published by HUD after the Inflationary
Factor and rounding requirements are
applied.
Rounding Requirements. For the
mandatory deduction for elderly and
disabled families, the mandatory
deduction for dependents, the threshold
for exclusion of earned income of
dependent full-time students, and the
threshold for exclusion of adoption
assistance payments, Revised Amounts
will be rounded down to the next lowest
multiple of $25. All other Revised
Amounts will be rounded to the nearest
dollar.
Starting Value. The value of an
Adjusted Item for the first year, prior to
inflationary adjustment (e.g., in calendar
year 2024, the dependent deduction was
set at $480).
Tracking Amount. An intermediate
figure in the calculation after the
Inflationary Factor is applied but prior
to application of rounding requirements.
Through the Housing Opportunity
Through Modernization Act of 2016
(HOTMA),3 HUD requires that several
values adjust annually for inflation in
accordance with an Inflation Index
selected by the Secretary. The Revised
Amounts will be used by Public
Housing Agencies (PHAs), Multifamily
Owners (MFH Owners), and CPD
grantees during income reviews 4 for
program applicants and participants,
except as otherwise noted below.
II. Applicability
Asset Limitation
This notice applies to the following
programs: 2
• Community Development Block Grant
Program (CDBG)
• Continuum of Care Program (CoC)
• Emergency Solutions Grant Program
(ESG)
• HOME Investment Partnerships
Program (HOME)
HOTMA establishes a limitation on
the admission and continued program
participation of families with assets that
exceed $100,000. This amount is to be
adjusted annually, rounded to the
nearest dollar. (24 CFR 5.618(a)(1)(i),
574.310(f))
Note: The asset limitation does not
apply to the 202/811 PRAC, 236, 811
PRA, CDBG, HOME, HOME–ARP, HTF,
or SPRAC programs.
Note: Pursuant to Notice PIH 2023–
27/Notice H 2023–10,5 PHAs/MFH
Owners have discretion with respect to
1 HUD established in the HOTMA Final Rule (88
FR 9600; Feb. 14, 2023) that the Department will
use the Consumer Price Index for Urban Wage
Earners and Clerical Workers (CPI–W) for the
Inflation Index. See the HOTMA Final Rule for a
detailed discussion on why HUD chose the CPI–W.
https://www.federalregister.gov/documents/2023/
02/14/2023-01617/housing-opportunity-throughmodernization-act-of-2016-implementation-ofsections-102-103-and-104#h-167.
2 When a grantee in CPD programs has a choice
in applying a definition of annual income under
their program regulations and the grantee chooses
the definition in 24 CFR 5.609, then the grantee is
subject to the applicable requirements in 24 CFR
5.609, 24 CFR 5.611, and 24 CFR 5.618 as revised
by the HOTMA final rule.
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III. Background
3 Public
Law 114–201.
4 Income reviews and their requirements are
defined in HUD’s program regulations found in 24
CFR 5.609; 891.105; 891.410; 891.610; 960.257;
982.516; 92.203; and 93.151.
5 Notice PIH 2023–27/Notice H 2023–10,
‘‘Implementation Guidance: Sections 102 and 104
of the Housing Opportunity Through Modernization
Act of 2016 (HOTMA).’’ Originally issued
September 29, 2023. Reissued February 2, 2024.
These notices are substantively identical.
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27441
the application of the asset limitation at
annual and interim reexamination.
PHAs/MFH Owners may adopt a written
policy of total non-enforcement, full
enforcement, or limited enforcement,
and may also adopt exception policies.
See Notice H 2023–10 for more details.
Threshold for Calculating Imputed
Returns on Assets
HOTMA establishes that when the
value of net family assets exceeds the
threshold of $50,000, any imputed
returns on such assets must be
calculated when actual income cannot
be calculated. This amount is to be
adjusted annually, rounded to the
nearest dollar. (24 CFR 5.609(a)(2) and
(b)(1)).
Threshold for Inclusion of NonNecessary Personal Property in Assets
As implemented by HUD, HOTMA
establishes that when the combined
value of all of a family’s non-necessary
items of personal property does not
exceed $50,000, the combined value of
all items of non-necessary personal
property is excluded from net family
assets. This amount is to be adjusted
annually, rounded to the nearest dollar.
(24 CFR 5.603(b)).
Threshold for Acceptance of SelfCertification of Assets
HOTMA establishes that a PHA/MFH
Owner/CPD Grantee may accept a
family’s self-certification of net assets
when net family assets are equal to or
less than $50,000. This amount is to be
adjusted annually, rounded to the
nearest dollar. (24 CFR 5.618(b)(1),
5.659(e), 92.203(e); 93.151(e);
574.310(e)(3)(ii); 960.259(c)(2), and
982.516(a)(3)).
Threshold for Exclusion of Earned
Income of Dependent Full-Time Student
As implemented by HUD, HOTMA
establishes an income exclusion of
amounts more than $480 for the earned
income of a dependent, full-time
student. This amount is to be adjusted
annually, rounded to the next lowest
multiple of $25. (24 CFR 5.609(b)(14)).
Threshold for Exclusion of Adoption
Assistance Payments
As implemented by HUD, HOTMA
establishes an income exclusion of
amounts more than $480 for adoption
assistance payments. This amount is to
be adjusted annually, rounded to the
next lowest multiple of $25. (24 CFR
5.609(b)(15)).
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Mandatory Deductions for Elderly and
Disabled Families and for Dependents
HOTMA establishes a $525
mandatory deduction from income for
elderly and disabled families. This
amount is to be adjusted annually,
rounded to the next lowest multiple of
$25. (24 CFR 5.611(a)(2)).
HOTMA establishes a $480
mandatory deduction from income for
dependents. This amount is to be
adjusted annually, rounded to the next
lowest multiple of $25. (24 CFR
5.611(a)(1))
Note: Mandatory deductions do not
apply to the HTF program unless the
unit is subject to HUD’s regulations
found in 24 CFR 93.151(a)(1)–(3) and (f).
HUD will publish both the
Inflationary Factor and the Revised
Amounts in August of each year on the
HUD User website at https://
www.huduser.gov/portal/datasets/
inflationary-adjustmentsnotifications.html. Throughout calendar
year 2024, these amounts will be the
Starting Value determined by the
HOTMA statute. As explained in Notice
PIH 2023–27/H 2023–10 and a
publication in the Federal Register,6
PHAs, MFH Owners, and CPD Grantees
may delay compliance with HOTMA
and may pick a compliance date as early
as January 1, 2024, but no later than
January 1, 2025. If a PHA, MFH Owner,
or CPD Grantee begins complying with
the HOTMA income and assets rule for
transactions in 2024, they will use
calendar year 2024 Starting Values as
described in this Notice. HUD will
publish Revised Amounts to be used for
all income determinations with an
effective date on or after January 1,
2025.
Starting
value,
CY 2024
Adjusted item
The amount for the eligibility restriction on net family assets .............................................................................................................
The amount for the value of net family assets above which imputed returns may be calculated .....................................................
The amount of the combined value of all non-necessary personal property that is excluded from net family assets, if the combined total value does not exceed this amount ...............................................................................................................................
The amount of net assets for which the PHA/MFH Owner/CPD Grantee may accept self-certification by the family ......................
Income exclusion for earned income of dependent full-time students ...............................................................................................
Income exclusion for adoption assistance payments ..........................................................................................................................
The amount of the mandatory deduction for elderly and disabled families ........................................................................................
The amount of the mandatory deduction for a dependent .................................................................................................................
50,000
50,000
480
480
525
480
The Consumer Price Index for Urban
Wage Earners and Clerical Workers
(CPI–W), published monthly by the
Bureau of Labor Statistics (BLS), tracks
the average change in prices paid by
urban wage earners for consumer goods
and services. Monthly Index Values are
available for the U.S. City Average or
national average, for various geographic
areas (regions and metropolitan areas),
for national population size classes or
urban areas, and for cross-classifications
or regions and size classes.
In the final rule implementing
Sections 102, 103, and 104 of HOTMA
(FR–6057–F–03; February 14, 2023),
HUD specified that it would use the
CPI–W because of public comments,
HUD’s belief that it is an accurate
measure of inflation to use in making
income and asset determinations, and
the fact that it would be familiar to
many since it is used for the Social
Security Administration’s (SSA) Cost-ofLiving Adjustment.7
CPI–W Index Values can be
seasonally adjusted. Seasonal
adjustment is a statistical technique that
attempts to measure and remove the
influences of predictable seasonal
patterns from time series data.
Seasonally adjusted data are most useful
when making current or short-term
analyses, to filter out the impact of
predictable seasonal variation. In
addition, seasonally adjusted data are
subject to revision for up to five years.
HUD proposes to use non-seasonally
adjusted Index Values to calculate the
Inflationary Factor. Unadjusted index
values are often used for escalation
purposes and measure the change in the
actual prices consumers pay for goods
and services. Since HUD will be using
the same three months from one year to
the next, non-seasonally adjusted values
can better estimate longer term price
movements. The SSA Cost-of-Living
Adjustment also uses seasonally
unadjusted data from the CPI–W.
HUD proposes to compare an average
of three months of CPI–W index values
from one year to the next, to calculate
the Inflationary Factor. The SSA Costof-Living Adjustment also uses three
months of CPI–W data, so following suit
will make HUD’s method more familiar
and accessible. An average of three
months of data is more likely than a
one-month snapshot to represent
durable trends, and it is more likely
than a longer average to reflect current
economic circumstances.
HUD proposes to calculate one
national Inflationary Factor. Use of a
national average is preferred in light of
administrative difficulties that would
arise from having a variety of different
regional inflationary factors. Again, the
SSA Cost-of-Living Adjustment uses
national CPI–W data, which will make
HUD’s inflationary adjustments
methods more familiar and accessible.
HUD proposes to make no adjustment
but to hold the Revised Amounts fixed
when the percentage change in the CPI–
W from one year to the next shows no
increase or a decrease. This aligns with
the SSA Cost-of-Living Adjustment. It
also ensures that assisted families are
not harmed by increases in rents or a
lower asset limitation during an
economic downturn. As the SSA does,
HUD would subsequently restart
upward adjustments only when the
CPI–W has recovered fully, to avoid
adjustments that would outpace
inflation generally over the long term.
(See sample calculation #3 in section
VI.)
6 https://www.federalregister.gov/documents/
2023/12/08/2023-27026/housing-opportunity-
through-modernization-act-implementation-ofsections-102-103-and-104-extension.
7 See 42 U.S.C. 415 for the SSA Cost-of-Living
Adjustment formula.
IV. The Consumer Price Index for
Urban Wage Earners and Clerical
Workers (CPI–W)
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$100,000
50,000
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V. Methodology for Calculating the
Inflationary Factor and Revised
Amounts
Calculating the Inflationary Factor
HUD proposes to determine the
annual Inflationary Factor for the
coming calendar year by calculating the
change (if any) in the CPI–W from the
average for the second quarter (April,
May, and June) of the prior year to the
average for the second quarter in the
current year. The average in the CPI–W
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for the second quarter of each year will
be calculated by averaging the monthly
unadjusted CPI–W index values for that
year. Data from the second quarter of the
year will be used so that HUD can
publish Revised Amounts before PHAs,
MFH owners, and CPD grantees need to
use such Revised Amounts for income
calculations that will have effective
dates in the next calendar year.
Step 1: Average unrounded CPI–W
Index Values for April, May, and June
of current year.
Current Year Average Index Value =
(April Index Value + May Index Value
+ June Index Value)/3
Step 2: Average unrounded CPI–W
Index Values for April, May, and June
of prior year.
Prior Year Average Index Value = (April
Index Value + May Index Value +
June Index Value)/3
Step 3: Subtract the prior three-month
average Index Value from the current
three-month average Index Value and
divide by the prior year average Index
Value × 100 to find the Inflationary
Factor (percentage).
Inflationary Factor = ((Current Year
Average¥Prior Year Average)/Prior
Year Average) × 100
Example Calculation of the Inflationary
Factor
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR THE SECOND QUARTER
Prior year
index value
(all items,
unadjusted)
Month
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month Average .....................................................................................................................................................
((288.380¥263.754)/263.754) × 100 =
9.3
In this example calculation, there has
been a 9.3 percent increase. (An
inflationary factor could be presented as
1.093. When that inflationary factor is
multiplied by the value that needs to be
adjusted, the product will reflect that
9.3 percent increase. For ease of
calculation, the percentage change will
be converted back to decimal form, and
added to or subtracted from 1, to
provide the Inflationary Factor for the
formulas below.)
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Calculating the Tracking and Revised
Amounts
Once the Inflationary Factor is
determined, the Revised Amounts for
the coming calendar year are
determined in two steps. First, the
Inflationary Factor is applied to the
figure to be adjusted. Second, the
appropriate rounding requirements are
applied to determine the new Revised
Amount.
In 2024, the first year an inflationary
adjustment will be calculated, HUD will
take the starting values for all inflationadjusted figures (as determined by
statute, see Section III) and multiply by
the Inflationary Factor determined by
the CPI–W. The product is the Tracking
Amount, an intermediate step in the
calculation. Next, the relevant rounding
requirements are applied to the
Tracking Amount, to determine the
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Revised Amount that must be used for
the coming calendar year. All figures to
be adjusted will be rounded to the
nearest dollar, except the dependent
deduction (24 CFR 5.611(a)(1)), the
elderly or disabled family deduction (24
CFR 5.611(a)(2)), and the income
exclusions described in 24 CFR
5.609(b)(14) and (15), which will be
rounded down to the next lowest
multiple of $25, as required by statute.
Step 1: Starting Value × (1 + Inflationary
Factor) = Tracking Amount
Step 2: Rounding Requirement Applied
to Tracking Amount = Revised
Amount
HUD proposes to use the following
formula for calculating Tracking and
Revised Amounts for all years after the
first year of adjustment:
Step 1: Prior-Year Tracking Amount × (1
+ Inflationary Factor) = Current
Tracking Amount
Step 2: Rounding Requirement Applied
to Current Tracking Amount =
Revised Amount
HUD has determined that this method
will track inflation over time better than
available alternatives. At Step 1, HUD
will multiply the Tracking Amount from
the prior year by the Inflationary Factor
determined by the CPI–W, to determine
the current Tracking Amount. A method
that instead started from the Prior-Year
Revised Amount in Step 1 could
inadvertently prevent any inflationary
increases for the dependent deduction,
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Current year
index value
(all items,
unadjusted)
261.237
263.612
266.412
791.261
263.754
284.575
288.022
292.542
865.139
288.380
the elderly or disabled family
deduction, or the income exclusions
tied to the dependent deduction level,
even after years of persistent high
inflation. This is partly because this
alternative method would round the
deductions and other figures more than
is necessary, preventing all but the most
extraordinary inflationary increases.
(See sample calculation #5 in Section VI
for further discussion.) Next, the
relevant rounding requirements are
applied to the current Tracking Amount,
to determine the Revised Amount that
must be used for the coming calendar
year.
VI. Sample Calculations for the
Inflationary Factor and Revised
Amounts
Below is a series of sample
calculations to illustrate HUD’s
proposed methodology, including
calculating both the Inflationary Factor
and the Revised Amounts. The sample
series is intended to illustrate how HUD
proposes to calculate the Revised
Amounts under different circumstances,
including positive, negligible, and
negative changes in prices year-overyear.
Sample 1: Calculating the Revised
Amount for the Elderly/Disabled Family
Deduction in 24 CFR 5.611(a)(2):
Positive Percentage Change in Average
Year-Over-Year Index Values
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TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR THE SECOND QUARTER
Prior year
index value
Month
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month Average .....................................................................................................................................................
In this sample, the Elderly/Disabled
Family Deduction has yet to be adjusted
for inflation, so at the outset it is set at
the starting value of $525.
Step 1—Calculate Inflationary Factor:
((288.380¥263.754)/263.754) × 100 =
9.3 percent or 1.093
Step 2—Determine the Tracking
Amount for the Elderly/Disabled Family
Deduction:
$525 × (1 + 0.093) = $573.83
Step 3—Apply rounding requirement
to the Tracking Amount to determine
the new Revised Amount:
HOTMA requires that the elderly/
disabled family deduction be rounded
Adjusted item
Starting value
The amount for the eligibility restriction on net
family assets.
The amount for the value of net family assets
above which imputed returns may be calculated; The amount of the combined value of
all non-necessary personal property that is excluded from net family assets, if the combined
total value does not exceed this amount; The
amount of net assets for which the PHA/MFH
Owner/CPD Grantee may accept self-certification by the family.
The amount of the mandatory deduction for a
dependent; Income exclusion for earned income of dependent full-time students; Income
exclusion for adoption assistance payments.
Inflationary
factor
261.237
263.612
266.412
791.261
263.754
Current year
index value
284.575
288.022
292.542
865.139
288.380
down to the next lowest multiple of $25.
Rounding to the next lowest multiple of
$25 from $573.83 requires rounding to
$550. The Elderly/Disabled Family
Deduction is adjusted from $525 to
$550. Here is how the inflationary factor
of 9.3 percent would be applied to all
other figures that required adjustment
that year:
Tracking
amount
Rounding requirement
Revised
amount
$100,000
1.093
$109,300
To the nearest dollar ....
$109,300
50,000
1.093
54,650
To the nearest dollar ....
54,650
480
1.093
524.64
To the next lowest multiple of $25.
500
Sample 2: Calculating the Revised
Amount for the Elderly/Disabled Family
Deduction in 24 CFR 5.611(a)(2):
Insufficient Positive Percentage Change
in Average Year-Over-Year Index
Values
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR THE SECOND QUARTER
Prior year
index value
Month
lotter on DSK11XQN23PROD with NOTICES1
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month Average .....................................................................................................................................................
In this sample, the Elderly/Disabled
Family Deduction has yet to be adjusted
for inflation, so at the outset it is set at
the starting value of $525.
Step 1—Calculate Inflationary Factor:
((269.029¥263.754)/263.754) × 100 =
2.0 percent or 1.02
Step 2—Determine the Tracking
Amount for the Elderly/Disabled Family
Deduction:
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$525 × (1 + 0.02) = $535.50
Step 3—Apply rounding requirement
to the Tracking Amount to determine
the new Revised Amount:
HOTMA requires that the elderly/
disabled family deduction be rounded
to the next lowest multiple of $25.
Rounding to the next lowest multiple of
$25 from $535.50 requires rounding to
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261.237
263.612
266.412
791.261
263.754
Current year
index value
266.462
268.884
271.740
807.086
269.029
$525. The Elderly/Disabled Family
Deduction remains at $525.
Note that while the 2 percent
inflationary factor is not sufficient to
increase the Elderly/Disabled Family
Deduction in this year, because of the
relevant rounding rules requiring the
figure will be rounded to the next
lowest multiple of $25, other inflationadjusted figures will be increased. For
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example, if the amount for the eligibility
restriction on net family assets had been
$100,000, it would be increased to
$102,000.
Adjusted item
Inflationary
factor
Starting value
The amount for the eligibility restriction on net
family assets.
The amount for the value of net family assets
above which imputed returns may be calculated; The amount of the combined value of
all non-necessary personal property that is excluded from net family assets, if the combined
total value does not exceed this amount; The
amount of net assets for which the PHA/MFH
Owner/CPD Grantee may accept self-certification by the family.
The amount of the mandatory deduction for a
dependent; Income exclusion for earned income of dependent full-time students; Income
exclusion for adoption assistance payments.
Tracking
amount
Rounding requirement
Revised
amount
$100,000
1.02
$102,000
To the nearest dollar ....
$102,000
50,000
1.02
51,000
To the nearest dollar ....
51,000
480
1.02
489.60
To the next lowest multiple of $25.
480 (no
adjustment).
Sample 3: Calculating Revised Amount
for the Elderly/Disabled Family
Deduction in 24 CFR 5.611(a)(2):
Negative Percentage Change in Average
Year-Over-Year Index Values
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR THE SECOND QUARTER
Prior year
index value
Month
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month average ......................................................................................................................................................
In this sample, the Elderly/Disabled
Family Deduction has yet to be adjusted
for inflation, so at the outset it is set at
the starting value of $525.
Step 1—Calculate Inflationary Factor:
((282.613¥288.380)/288.380) × 100 =
¥2.0 percent or 0.98
Starting
value
Adjusted item
lotter on DSK11XQN23PROD with NOTICES1
Step 2—No Adjustment Made:
Because this would result in a
decrease, HUD will not make an
adjustment and will publish the Revised
Amount as unchanged from the prior
year. The Revised Amount for the
coming year will be $525. HUD will
The amount for the eligibility restriction on
net family assets.
The amount for the value of net family assets above which imputed returns may be
calculated; The amount of the combined
value of all non-necessary personal property that is excluded from net family assets, if the combined total value does not
exceed this amount; The amount of net
assets for which the PHA/MFH Owner/
CPD Grantee may accept self-certification
by the family.
The amount of the mandatory deduction for
a dependent; Income exclusion for earned
income of dependent full-time students;
Income exclusion for adoption assistance
payments.
VerDate Sep<11>2014
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PO 00000
Inflationary
factor
284.575
288.022
292.542
865.139
288.380
Current year
index value
278.884
282.262
286.691
847.837
282.613
hold the Revised Amount constant until
the CPI–W average exceeds its previous
high, to ensure that subsequent
increases to Revised Amounts do not
outpace inflation in recovery years.
Tracking amount
Rounding
requirement
Revised
amount
$100,000
0.98
No adjustment ...........
To the nearest dollar
$100,000
50,000
0.98
No adjustment ...........
To the nearest dollar
50,000
480
0.98
No adjustment ...........
To the next lowest
multiple of $25.
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Sample 4: Calculating Revised Amounts
for Net Family Assets in 24 CFR 5.609
(Value Cap for Imputing Net Family
Assets, Value Cap for Exclusion of NonNecessary Personal Property) and 24
CFR 5.618 (Value Cap for SelfCertification of Net Family Assets):
Positive Percentage Change in Average
Year-Over-Year Index Values
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR SECOND QUARTER
Prior year
index value
Month
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month average ......................................................................................................................................................
In this sample, the amount for the
value of net family assets above which
imputed returns may be calculated, the
value of the combined total nonnecessary personal property that may be
excluded from net family assets, and the
amount of net assets for which the PHA/
MFH Owner/CPD Grantee may accept
self-certification by the family have yet
to be adjusted for inflation, so at the
outset all are set at the starting value of
$50,000.
Step 1—Calculate Inflationary Factor:
((289.399¥280.888)/280.888) × 100 =
3.0 percent or 1.03
Step 2—Determine the Tracking
Amounts for the Value Cap for Imputing
Net Family Assets, Value Cap for
Exclusion of Non-Necessary Personal
Property, and the Value Cap for SelfCertification of Net Family Assets:
Starting
value
Adjusted item
The amount for the eligibility restriction on
net family assets.
The amount of the mandatory deduction for
elderly and disabled families.
The amount of the mandatory deduction for
a dependent; Income exclusion for earned
income of dependent full-time students;
Income exclusion for adoption assistance
payments.
Sample 5: Calculating Revised Amounts
for Dependent Deduction in 24 CFR
5.611(a)(1): Subsequent Years of
Inflationary Adjustments
This sample compares how
calculations are made in the first year
Inflationary
factor
1.03
$103,000
525
1.03
540.75
480
1.03
494.40
with how calculations are made in
subsequent years of inflationary
adjustment. It demonstrates three
consecutive calculations of inflationary
adjustment for the dependent
deduction. In the first year, there is an
285.121
285.002
272.542
842.665
280.888
289.641
288.991
289.564
868.196
289.399
$50,000 × 1.03 = $51,500
Step 3—Apply rounding requirement
to determine the new Revised Amount:
HOTMA requires that the value caps
for imputing net family assets, the
exclusion of non-necessary personal
property, and self-certification of net
family assets must be rounded to the
nearest dollar. The new Revised
Amounts would increase from $50,000
to $51,500.
Tracking
amount
$100,000
Current year
index value
Rounding
requirement
Revised amount
To the nearest dollar
$103,000.
To the next lowest
multiple of $25.
To the next lowest
multiple of $25.
$525 (no adjustment).
$480 (no adjustment).
inflationary factor of 4 percent; in the
second year, there is a factor of 3.5
percent; and in the third year, there is
a factor of 3.9 percent.
First Year:
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR SECOND QUARTER
Prior year
index value
lotter on DSK11XQN23PROD with NOTICES1
Month
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month average ......................................................................................................................................................
In the first year of calculation, the
Dependent Deduction has yet to be
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adjusted for inflation, so at the outset it
is set at the starting value of $480.
Step 1—Calculate Inflationary Factor:
PO 00000
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Sfmt 4703
280.111
280.557
281.672
842.340
280.780
Current year
index value
291.315
291.779
292.939
876.033
292.011
((292.011¥280.780)/280.780) × 100 =
4.0 percent or 1.04
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Step 2—Determine the Tracking
Amount for the Dependent Deduction:
$480 × 1.04 = $499.20
Step 3—Apply rounding requirement
to determine the new Revised Amount:
HOTMA requires that the dependent
deduction must be rounded to the next
lowest multiple of $25. Because $499.20
would round to $475, which is lower
than the current level of $480, HUD
would make no adjustment to the
dependent deduction. The Revised
Amount for the coming calendar year
would remain $480.
Second Year:
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR SECOND QUARTER
Prior year
index value
Month
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month average ......................................................................................................................................................
Step 1—Calculate Inflationary Factor:
((302.231¥292.011)/292.011) × 100 =
3.5 percent or 1.035
Step 2—Determine the Tracking
Amount for the Dependent Deduction:
In the second year of calculation,
HUD will start with the Tracking
Amount from the prior year ($499.20),
which is equivalent to the product of
the starting value and all inflationary
factors determined to date.
$499.20 × 1.035 = $516.67
Step 3—Apply rounding requirement
to determine the new Revised Amount:
Current year
index value
291.315
291.779
292.939
876.033
292.011
301.511
301.991
303.192
906.694
302.231
HOTMA requires that the dependent
deduction must be rounded to the next
lowest multiple of $25. $516.67 must be
rounded down to $500. The Revised
Amount for the coming calendar year is
increased from $480 to $500.
Third Year:
TOTAL AND AVERAGE YEAR-OVER-YEAR CPI–W INDEX VALUES FOR SECOND QUARTER
Prior year
index value
Month
lotter on DSK11XQN23PROD with NOTICES1
April ..........................................................................................................................................................................
May ..........................................................................................................................................................................
June .........................................................................................................................................................................
3-month total ............................................................................................................................................................
3-month average ......................................................................................................................................................
Step 1—Calculate Inflationary Factor:
((314.018¥302.231)/302.231) × 100 =
3.9 percent or 1.039
Step 2—Determine the Tracking
Amount for the Dependent Deduction:
In the third year of calculation, HUD
will start with the Tracking Amount
from the prior year ($516.67), which is
equivalent to the product of the starting
value and all inflationary factors
determined to date.
$516.67 × 1.039 = $536.82
Step 3—Apply rounding requirement
to determine the new Revised Amount:
HOTMA requires that the dependent
deduction must be rounded to the next
lowest multiple of $25. $536.82 must be
rounded down to $525. The Revised
Amount for the coming calendar year is
increased from $500 to $525.
During this hypothetical four-year
period, there has been an 11.8 percent
increase in the average CPI–W index
value (from 280.780 to 314.018).
Likewise, there has been an 11.8 percent
increase in the Tracking Amount (from
$480 to $536.82). In that time, the
dependent deduction has increased by
9.4 percent (from $480 to $525). If
instead of this method, HUD were to
begin the second- and third-year
VerDate Sep<11>2014
17:10 Apr 16, 2024
Jkt 262001
Current year
index value
301.511
301.991
303.192
906.694
302.231
313.270
313.769
315.016
942.055
314.018
calculations with the rounded Revised
Amount from the previous year, the
dependent deduction would not
increase at all.
collection displays a currently valid
OMB control number. The OMB control
number associated with this collection
is 2502–0587.
VII. Findings and Certifications
Environmental Impact
Damon Y. Smith,
General Counsel.
This notice sets forth rate
determinations and related external
administrative requirements and
procedures that do not constitute a
development decision affecting the
physical condition of specific project
areas or building sites. Accordingly,
under 24 CFR 50.19(c)(6), this notice is
categorically excluded from
environmental review under the
National Environmental Policy Act of
1969 (42 U.S.C. 4321).
[FR Doc. 2024–08133 Filed 4–16–24; 8:45 am]
VIII. Paperwork Reduction Act
This notice does not impact the
information collection requirements
already submitted to the Office of
Management and Budget (OMB) under
the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520). In accordance
with the Paperwork Reduction Act, an
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless the
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BILLING CODE 4210–67–P
DEPARTMENT OF THE INTERIOR
Bureau of Indian Affairs
[245A2100DD/AAKC001030/
A0A501010.999900]
Receipt of Documented Petition for
Federal Acknowledgment as an
American Indian Tribe
Bureau of Indian Affairs,
Interior.
ACTION: Notice.
AGENCY:
The Department of the
Interior (Department) gives notice that
the group known as the Chihene Nde
Nation of New Mexico has filed a
documented petition for Federal
acknowledgment as an American Indian
tribe with the Assistant Secretary–
SUMMARY:
E:\FR\FM\17APN1.SGM
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]]>Agencies
[Federal Register Volume 89, Number 75 (Wednesday, April 17, 2024)]
[Notices]
[Pages 27440-27447]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-08133]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR 6449-N-01]
Methodology for Annual Inflationary Adjustments to Income
Calculations in HUD Subsidized Housing Programs
AGENCY: Office of the Assistant Secretary for Community Planning and
Development, Office of the Assistant Secretary for Housing--Federal
Housing Commissioner, Office of the Assistant Secretary for Public and
Indian Housing, HUD.
ACTION: Notice; request for comment.
-----------------------------------------------------------------------
SUMMARY: The Department of Housing and Urban Development (HUD), through
this notice, solicits comment on the Department's proposed methodology
for deriving an Inflationary Factor from the Consumer Price Index for
Urban Wage Earners and Clerical Workers (CPI-W). This factor will be
used to adjust certain values pursuant to a requirement established in
the Housing Opportunity Through Modernization Act of 2016 (HOTMA) that
such values be adjusted annually by inflation.
DATES: Comment due date: May 17, 2024. If HUD receives adverse comment
that leads to reconsideration of this proposed methodology, then HUD
will notify the public via a revised notice following the close of the
comment period.
Applicability date: The terms of this notice are applicable to
income determinations with an effective date on or after January 1,
2025, unless HUD receives comment that would lead to the
reconsideration of its proposed methodology. HUD will publish both the
Inflationary Factor and the Revised Amounts in August of each year to
be used for the following calendar year.
ADDRESSES: Interested persons are invited to submit comments on the
proposed methodology. Communications must refer to the above docket
number and title. There are two methods for submitting public comments:
1. Electronic Submission of Comments. Interested persons may submit
comments electronically through the Federal eRulemaking Portal at
https://www.regulations.gov. HUD strongly encourages commenters to
submit comments electronically. Electronic submission of comments
allows the author maximum time to prepare and submit a comment, ensures
timely receipt by HUD, and enables HUD to make such comments
immediately available to the public. Comments submitted electronically
through the https://www.regulations.gov website can be viewed by other
submitters and interested members of the public. Commenters must follow
instructions provided on that site to submit comments electronically.
2. Submission of Comments by Mail. Members of the public may submit
comments by mail to the Regulations Division, Office of General
Counsel, Department of Housing and Urban Development, 451 7th Street
SW, Room 10276, Washington, DC 20410-0500. Due to security measures at
all federal agencies however, submission of comments by standard mail
often results in delayed delivery. To ensure timely receipt of
comments, HUD recommends that comments submitted by standard mail be
submitted at least two weeks in advance of the deadline. HUD will make
all comments received by mail available to the public at https://www.regulations.gov.
Note: To receive consideration as public comments, comments
must be submitted through one of the two methods specified above.
Again, all submissions must refer to the docket number and title of
the notice.
No Facsimile Comments. HUD does not accept facsimile (Fax)
comments.
Public Inspection of Public Comments. All comments and
communications properly submitted to HUD will be available for public
inspection and copying between 8 a.m. and 5 p.m. weekdays at the above
address. Due to security measures at the HUD Headquarters building, an
advance appointment to review the public comments must be scheduled by
calling the Regulations Division at (202) 708-3055 (this is not a toll-
free number). HUD welcomes and is prepared to receive calls from
individuals who are deaf or hard of hearing, as well as individuals
with speech or communication disabilities. To learn more about how to
make an accessible telephone call, please visit https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.
Copies of all comments submitted are available for inspection and
downloading at https://www.regulations.gov.
FOR FURTHER INFORMATION CONTACT: Virginia Sardone, Director, Office of
Affordable Housing Programs, Office of Community Planning and
Development (CPD), Room 7160, U.S. Department of Housing and Urban
Development, 451 7th Street SW, Washington, DC 20410, (202) 708-2684.
Rita Harcrow, Director, Office of HIV/AIDS Housing, Office of Community
Planning and Development, Room 7248, U.S. Department of Housing and
Urban Development, 451 7th Street SW, Washington, DC 20410, (202) 745-
4323. The email for CPD programs is [email protected]. Jennifer
Lavorel, Director, Office of Asset Management and Portfolio Oversight
Program Administration Office, Office of Multifamily Housing Programs,
Room 6180, U.S. Department of Housing and Urban Development, 451 7th
Street SW, Washington, DC 20410, (202) 402-2515. Kymian Ray, Director,
Public Housing Management and Occupancy Division, Office of Public
Housing and Voucher Programs, Room 4210, U.S. Department of Housing and
Urban Development, 451 7th Street SW, Washington, DC 20410, (202) 402-
2065. Adam Bibler, Director, Program Parameters and Research Division,
Office of Policy Development and Research, (202) 402-6057, for
technical information regarding the development of the schedules or the
methods used for calculating the inflation factors.
The contact telephone numbers listed are not toll-free numbers. HUD
welcomes and is prepared to receive calls from individuals who are deaf
or hard of hearing, as well as individuals with speech or communication
disabilities. To learn more about how to make an accessible telephone
call, please visit https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.
SUPPLEMENTARY INFORMATION:
I. Terminology and Definitions
HUD defines the following terms for the purposes of this notice:
Adjusted Item. The figure that is to be adjusted for inflation
(e.g., the dependent deduction).
[[Page 27441]]
Inflation Index. The Consumer Price Index for Urban Wage Earners
and Clerical Workers (CPI-W).\1\ The CPI-W is published by the U.S.
Bureau of Labor Statistics and is available on the following website:
https://www.bls.gov/cpi/.
---------------------------------------------------------------------------
\1\ HUD established in the HOTMA Final Rule (88 FR 9600; Feb.
14, 2023) that the Department will use the Consumer Price Index for
Urban Wage Earners and Clerical Workers (CPI-W) for the Inflation
Index. See the HOTMA Final Rule for a detailed discussion on why HUD
chose the CPI-W. https://www.federalregister.gov/documents/2023/02/14/2023-01617/housing-opportunity-through-modernization-act-of-2016-implementation-of-sections-102-103-and-104#h-167.
---------------------------------------------------------------------------
Index Value. The number produced as the direct output of the CPI-W
on a monthly basis. This number reflects the price of a market basket
of consumer goods and services, relative to other points in time
measured by the inflation index.
Inflationary Factor. The number that reflects the percentage change
in the index value from one year to the next.
Revised Amount. The final value(s) published by HUD after the
Inflationary Factor and rounding requirements are applied.
Rounding Requirements. For the mandatory deduction for elderly and
disabled families, the mandatory deduction for dependents, the
threshold for exclusion of earned income of dependent full-time
students, and the threshold for exclusion of adoption assistance
payments, Revised Amounts will be rounded down to the next lowest
multiple of $25. All other Revised Amounts will be rounded to the
nearest dollar.
Starting Value. The value of an Adjusted Item for the first year,
prior to inflationary adjustment (e.g., in calendar year 2024, the
dependent deduction was set at $480).
Tracking Amount. An intermediate figure in the calculation after
the Inflationary Factor is applied but prior to application of rounding
requirements.
II. Applicability
This notice applies to the following programs: \2\
---------------------------------------------------------------------------
\2\ When a grantee in CPD programs has a choice in applying a
definition of annual income under their program regulations and the
grantee chooses the definition in 24 CFR 5.609, then the grantee is
subject to the applicable requirements in 24 CFR 5.609, 24 CFR
5.611, and 24 CFR 5.618 as revised by the HOTMA final rule.
Community Development Block Grant Program (CDBG)
Continuum of Care Program (CoC)
Emergency Solutions Grant Program (ESG)
HOME Investment Partnerships Program (HOME)
HOME Investment Partnerships Program-American Rescue Plan
(HOME-ARP)
Housing Choice Voucher
Housing Opportunities for Persons With AIDS (HOPWA)
Housing Trust Fund (HTF)
Public Housing
Section 8 Moderate Rehabilitation
Section 8 Moderate Rehabilitation for Single Room Occupancy
(SRO) Dwellings for Homeless Individuals
Section 8 Project Based Rental Assistance (PBRA)
Section 202 Project Rental Assistance Contract (PRAC)
Section 202/162 Project Assistance Contract (PAC)
Section 236 Non-Insured Projects Subject to Use Agreements
(236)
Section 811 Project Rental Assistance Contract (PRAC)
Section 811 Project Rental Assistance Demonstration (811 PRA)
Self-Help Homeownership Opportunity Program (SHOP)
Senior Preservation Rental Assistance Contract (SPRAC)
Supportive Housing Program (SHP)
III. Background
Through the Housing Opportunity Through Modernization Act of 2016
(HOTMA),\3\ HUD requires that several values adjust annually for
inflation in accordance with an Inflation Index selected by the
Secretary. The Revised Amounts will be used by Public Housing Agencies
(PHAs), Multifamily Owners (MFH Owners), and CPD grantees during income
reviews \4\ for program applicants and participants, except as
otherwise noted below.
---------------------------------------------------------------------------
\3\ Public Law 114-201.
\4\ Income reviews and their requirements are defined in HUD's
program regulations found in 24 CFR 5.609; 891.105; 891.410;
891.610; 960.257; 982.516; 92.203; and 93.151.
---------------------------------------------------------------------------
Asset Limitation
HOTMA establishes a limitation on the admission and continued
program participation of families with assets that exceed $100,000.
This amount is to be adjusted annually, rounded to the nearest dollar.
(24 CFR 5.618(a)(1)(i), 574.310(f))
Note: The asset limitation does not apply to the 202/811 PRAC, 236,
811 PRA, CDBG, HOME, HOME-ARP, HTF, or SPRAC programs.
Note: Pursuant to Notice PIH 2023-27/Notice H 2023-10,\5\ PHAs/MFH
Owners have discretion with respect to the application of the asset
limitation at annual and interim reexamination. PHAs/MFH Owners may
adopt a written policy of total non-enforcement, full enforcement, or
limited enforcement, and may also adopt exception policies. See Notice
H 2023-10 for more details.
---------------------------------------------------------------------------
\5\ Notice PIH 2023-27/Notice H 2023-10, ``Implementation
Guidance: Sections 102 and 104 of the Housing Opportunity Through
Modernization Act of 2016 (HOTMA).'' Originally issued September 29,
2023. Reissued February 2, 2024. These notices are substantively
identical.
---------------------------------------------------------------------------
Threshold for Calculating Imputed Returns on Assets
HOTMA establishes that when the value of net family assets exceeds
the threshold of $50,000, any imputed returns on such assets must be
calculated when actual income cannot be calculated. This amount is to
be adjusted annually, rounded to the nearest dollar. (24 CFR
5.609(a)(2) and (b)(1)).
Threshold for Inclusion of Non-Necessary Personal Property in Assets
As implemented by HUD, HOTMA establishes that when the combined
value of all of a family's non-necessary items of personal property
does not exceed $50,000, the combined value of all items of non-
necessary personal property is excluded from net family assets. This
amount is to be adjusted annually, rounded to the nearest dollar. (24
CFR 5.603(b)).
Threshold for Acceptance of Self-Certification of Assets
HOTMA establishes that a PHA/MFH Owner/CPD Grantee may accept a
family's self-certification of net assets when net family assets are
equal to or less than $50,000. This amount is to be adjusted annually,
rounded to the nearest dollar. (24 CFR 5.618(b)(1), 5.659(e),
92.203(e); 93.151(e); 574.310(e)(3)(ii); 960.259(c)(2), and
982.516(a)(3)).
Threshold for Exclusion of Earned Income of Dependent Full-Time Student
As implemented by HUD, HOTMA establishes an income exclusion of
amounts more than $480 for the earned income of a dependent, full-time
student. This amount is to be adjusted annually, rounded to the next
lowest multiple of $25. (24 CFR 5.609(b)(14)).
Threshold for Exclusion of Adoption Assistance Payments
As implemented by HUD, HOTMA establishes an income exclusion of
amounts more than $480 for adoption assistance payments. This amount is
to be adjusted annually, rounded to the next lowest multiple of $25.
(24 CFR 5.609(b)(15)).
[[Page 27442]]
Mandatory Deductions for Elderly and Disabled Families and for
Dependents
HOTMA establishes a $525 mandatory deduction from income for
elderly and disabled families. This amount is to be adjusted annually,
rounded to the next lowest multiple of $25. (24 CFR 5.611(a)(2)).
HOTMA establishes a $480 mandatory deduction from income for
dependents. This amount is to be adjusted annually, rounded to the next
lowest multiple of $25. (24 CFR 5.611(a)(1))
Note: Mandatory deductions do not apply to the HTF program unless
the unit is subject to HUD's regulations found in 24 CFR 93.151(a)(1)-
(3) and (f).
HUD will publish both the Inflationary Factor and the Revised
Amounts in August of each year on the HUD User website at https://www.huduser.gov/portal/datasets/inflationary-adjustments-notifications.html. Throughout calendar year 2024, these amounts will
be the Starting Value determined by the HOTMA statute. As explained in
Notice PIH 2023-27/H 2023-10 and a publication in the Federal
Register,\6\ PHAs, MFH Owners, and CPD Grantees may delay compliance
with HOTMA and may pick a compliance date as early as January 1, 2024,
but no later than January 1, 2025. If a PHA, MFH Owner, or CPD Grantee
begins complying with the HOTMA income and assets rule for transactions
in 2024, they will use calendar year 2024 Starting Values as described
in this Notice. HUD will publish Revised Amounts to be used for all
income determinations with an effective date on or after January 1,
2025.
---------------------------------------------------------------------------
\6\ https://www.federalregister.gov/documents/2023/12/08/2023-27026/housing-opportunity-through-modernization-act-implementation-of-sections-102-103-and-104-extension.
------------------------------------------------------------------------
Starting
Adjusted item value, CY 2024
------------------------------------------------------------------------
The amount for the eligibility restriction on net family $100,000
assets.................................................
The amount for the value of net family assets above 50,000
which imputed returns may be calculated................
The amount of the combined value of all non-necessary 50,000
personal property that is excluded from net family
assets, if the combined total value does not exceed
this amount............................................
The amount of net assets for which the PHA/MFH Owner/CPD 50,000
Grantee may accept self-certification by the family....
Income exclusion for earned income of dependent full- 480
time students..........................................
Income exclusion for adoption assistance payments....... 480
The amount of the mandatory deduction for elderly and 525
disabled families......................................
The amount of the mandatory deduction for a dependent... 480
------------------------------------------------------------------------
IV. The Consumer Price Index for Urban Wage Earners and Clerical
Workers (CPI-W)
The Consumer Price Index for Urban Wage Earners and Clerical
Workers (CPI-W), published monthly by the Bureau of Labor Statistics
(BLS), tracks the average change in prices paid by urban wage earners
for consumer goods and services. Monthly Index Values are available for
the U.S. City Average or national average, for various geographic areas
(regions and metropolitan areas), for national population size classes
or urban areas, and for cross-classifications or regions and size
classes.
In the final rule implementing Sections 102, 103, and 104 of HOTMA
(FR-6057-F-03; February 14, 2023), HUD specified that it would use the
CPI-W because of public comments, HUD's belief that it is an accurate
measure of inflation to use in making income and asset determinations,
and the fact that it would be familiar to many since it is used for the
Social Security Administration's (SSA) Cost-of-Living Adjustment.\7\
---------------------------------------------------------------------------
\7\ See 42 U.S.C. 415 for the SSA Cost-of-Living Adjustment
formula.
---------------------------------------------------------------------------
CPI-W Index Values can be seasonally adjusted. Seasonal adjustment
is a statistical technique that attempts to measure and remove the
influences of predictable seasonal patterns from time series data.
Seasonally adjusted data are most useful when making current or short-
term analyses, to filter out the impact of predictable seasonal
variation. In addition, seasonally adjusted data are subject to
revision for up to five years.
HUD proposes to use non-seasonally adjusted Index Values to
calculate the Inflationary Factor. Unadjusted index values are often
used for escalation purposes and measure the change in the actual
prices consumers pay for goods and services. Since HUD will be using
the same three months from one year to the next, non-seasonally
adjusted values can better estimate longer term price movements. The
SSA Cost-of-Living Adjustment also uses seasonally unadjusted data from
the CPI-W.
HUD proposes to compare an average of three months of CPI-W index
values from one year to the next, to calculate the Inflationary Factor.
The SSA Cost-of-Living Adjustment also uses three months of CPI-W data,
so following suit will make HUD's method more familiar and accessible.
An average of three months of data is more likely than a one-month
snapshot to represent durable trends, and it is more likely than a
longer average to reflect current economic circumstances.
HUD proposes to calculate one national Inflationary Factor. Use of
a national average is preferred in light of administrative difficulties
that would arise from having a variety of different regional
inflationary factors. Again, the SSA Cost-of-Living Adjustment uses
national CPI-W data, which will make HUD's inflationary adjustments
methods more familiar and accessible.
HUD proposes to make no adjustment but to hold the Revised Amounts
fixed when the percentage change in the CPI-W from one year to the next
shows no increase or a decrease. This aligns with the SSA Cost-of-
Living Adjustment. It also ensures that assisted families are not
harmed by increases in rents or a lower asset limitation during an
economic downturn. As the SSA does, HUD would subsequently restart
upward adjustments only when the CPI-W has recovered fully, to avoid
adjustments that would outpace inflation generally over the long term.
(See sample calculation #3 in section VI.)
V. Methodology for Calculating the Inflationary Factor and Revised
Amounts
Calculating the Inflationary Factor
HUD proposes to determine the annual Inflationary Factor for the
coming calendar year by calculating the change (if any) in the CPI-W
from the average for the second quarter (April, May, and June) of the
prior year to the average for the second quarter in the current year.
The average in the CPI-W
[[Page 27443]]
for the second quarter of each year will be calculated by averaging the
monthly unadjusted CPI-W index values for that year. Data from the
second quarter of the year will be used so that HUD can publish Revised
Amounts before PHAs, MFH owners, and CPD grantees need to use such
Revised Amounts for income calculations that will have effective dates
in the next calendar year.
Step 1: Average unrounded CPI-W Index Values for April, May, and
June of current year.
Current Year Average Index Value = (April Index Value + May Index Value
+ June Index Value)/3
Step 2: Average unrounded CPI-W Index Values for April, May, and
June of prior year.
Prior Year Average Index Value = (April Index Value + May Index Value +
June Index Value)/3
Step 3: Subtract the prior three-month average Index Value from the
current three-month average Index Value and divide by the prior year
average Index Value x 100 to find the Inflationary Factor (percentage).
Inflationary Factor = ((Current Year Average-Prior Year Average)/Prior
Year Average) x 100
Example Calculation of the Inflationary Factor
Total and Average Year-Over-Year CPI-W Index Values for the Second
Quarter
------------------------------------------------------------------------
Prior year Current year
index value index value
Month (all items, (all items,
unadjusted) unadjusted)
------------------------------------------------------------------------
April................................... 261.237 284.575
May..................................... 263.612 288.022
June.................................... 266.412 292.542
3-month total........................... 791.261 865.139
3-month Average......................... 263.754 288.380
------------------------------------------------------------------------
((288.380-263.754)/263.754) x 100 = 9.3
In this example calculation, there has been a 9.3 percent increase.
(An inflationary factor could be presented as 1.093. When that
inflationary factor is multiplied by the value that needs to be
adjusted, the product will reflect that 9.3 percent increase. For ease
of calculation, the percentage change will be converted back to decimal
form, and added to or subtracted from 1, to provide the Inflationary
Factor for the formulas below.)
Calculating the Tracking and Revised Amounts
Once the Inflationary Factor is determined, the Revised Amounts for
the coming calendar year are determined in two steps. First, the
Inflationary Factor is applied to the figure to be adjusted. Second,
the appropriate rounding requirements are applied to determine the new
Revised Amount.
In 2024, the first year an inflationary adjustment will be
calculated, HUD will take the starting values for all inflation-
adjusted figures (as determined by statute, see Section III) and
multiply by the Inflationary Factor determined by the CPI-W. The
product is the Tracking Amount, an intermediate step in the
calculation. Next, the relevant rounding requirements are applied to
the Tracking Amount, to determine the Revised Amount that must be used
for the coming calendar year. All figures to be adjusted will be
rounded to the nearest dollar, except the dependent deduction (24 CFR
5.611(a)(1)), the elderly or disabled family deduction (24 CFR
5.611(a)(2)), and the income exclusions described in 24 CFR
5.609(b)(14) and (15), which will be rounded down to the next lowest
multiple of $25, as required by statute.
Step 1: Starting Value x (1 + Inflationary Factor) = Tracking Amount
Step 2: Rounding Requirement Applied to Tracking Amount = Revised
Amount
HUD proposes to use the following formula for calculating Tracking
and Revised Amounts for all years after the first year of adjustment:
Step 1: Prior-Year Tracking Amount x (1 + Inflationary Factor) =
Current Tracking Amount
Step 2: Rounding Requirement Applied to Current Tracking Amount =
Revised Amount
HUD has determined that this method will track inflation over time
better than available alternatives. At Step 1, HUD will multiply the
Tracking Amount from the prior year by the Inflationary Factor
determined by the CPI-W, to determine the current Tracking Amount. A
method that instead started from the Prior-Year Revised Amount in Step
1 could inadvertently prevent any inflationary increases for the
dependent deduction, the elderly or disabled family deduction, or the
income exclusions tied to the dependent deduction level, even after
years of persistent high inflation. This is partly because this
alternative method would round the deductions and other figures more
than is necessary, preventing all but the most extraordinary
inflationary increases. (See sample calculation #5 in Section VI for
further discussion.) Next, the relevant rounding requirements are
applied to the current Tracking Amount, to determine the Revised Amount
that must be used for the coming calendar year.
VI. Sample Calculations for the Inflationary Factor and Revised Amounts
Below is a series of sample calculations to illustrate HUD's
proposed methodology, including calculating both the Inflationary
Factor and the Revised Amounts. The sample series is intended to
illustrate how HUD proposes to calculate the Revised Amounts under
different circumstances, including positive, negligible, and negative
changes in prices year-over-year.
Sample 1: Calculating the Revised Amount for the Elderly/Disabled
Family Deduction in 24 CFR 5.611(a)(2): Positive Percentage Change in
Average Year-Over-Year Index Values
[[Page 27444]]
Total and Average Year-Over-Year CPI-W Index Values for the Second
Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 261.237 284.575
May..................................... 263.612 288.022
June.................................... 266.412 292.542
3-month total........................... 791.261 865.139
3-month Average......................... 263.754 288.380
------------------------------------------------------------------------
In this sample, the Elderly/Disabled Family Deduction has yet to be
adjusted for inflation, so at the outset it is set at the starting
value of $525.
Step 1--Calculate Inflationary Factor:
((288.380-263.754)/263.754) x 100 = 9.3 percent or 1.093
Step 2--Determine the Tracking Amount for the Elderly/Disabled
Family Deduction:
$525 x (1 + 0.093) = $573.83
Step 3--Apply rounding requirement to the Tracking Amount to
determine the new Revised Amount:
HOTMA requires that the elderly/disabled family deduction be
rounded down to the next lowest multiple of $25. Rounding to the next
lowest multiple of $25 from $573.83 requires rounding to $550. The
Elderly/Disabled Family Deduction is adjusted from $525 to $550. Here
is how the inflationary factor of 9.3 percent would be applied to all
other figures that required adjustment that year:
----------------------------------------------------------------------------------------------------------------
Inflationary Tracking Rounding
Adjusted item Starting value factor amount requirement Revised amount
----------------------------------------------------------------------------------------------------------------
The amount for the eligibility $100,000 1.093 $109,300 To the nearest $109,300
restriction on net family dollar.
assets.
The amount for the value of 50,000 1.093 54,650 To the nearest 54,650
net family assets above which dollar.
imputed returns may be
calculated; The amount of the
combined value of all non-
necessary personal property
that is excluded from net
family assets, if the
combined total value does not
exceed this amount; The
amount of net assets for
which the PHA/MFH Owner/CPD
Grantee may accept self-
certification by the family.
The amount of the mandatory 480 1.093 524.64 To the next 500
deduction for a dependent; lowest multiple
Income exclusion for earned of $25.
income of dependent full-time
students; Income exclusion
for adoption assistance
payments.
----------------------------------------------------------------------------------------------------------------
Sample 2: Calculating the Revised Amount for the Elderly/Disabled
Family Deduction in 24 CFR 5.611(a)(2): Insufficient Positive
Percentage Change in Average Year-Over-Year Index Values
Total and Average Year-Over-Year CPI-W Index Values for the Second
Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 261.237 266.462
May..................................... 263.612 268.884
June.................................... 266.412 271.740
3-month total........................... 791.261 807.086
3-month Average......................... 263.754 269.029
------------------------------------------------------------------------
In this sample, the Elderly/Disabled Family Deduction has yet to be
adjusted for inflation, so at the outset it is set at the starting
value of $525.
Step 1--Calculate Inflationary Factor:
((269.029-263.754)/263.754) x 100 = 2.0 percent or 1.02
Step 2--Determine the Tracking Amount for the Elderly/Disabled
Family Deduction:
$525 x (1 + 0.02) = $535.50
Step 3--Apply rounding requirement to the Tracking Amount to
determine the new Revised Amount:
HOTMA requires that the elderly/disabled family deduction be
rounded to the next lowest multiple of $25. Rounding to the next lowest
multiple of $25 from $535.50 requires rounding to $525. The Elderly/
Disabled Family Deduction remains at $525.
Note that while the 2 percent inflationary factor is not sufficient
to increase the Elderly/Disabled Family Deduction in this year, because
of the relevant rounding rules requiring the figure will be rounded to
the next lowest multiple of $25, other inflation-adjusted figures will
be increased. For
[[Page 27445]]
example, if the amount for the eligibility restriction on net family
assets had been $100,000, it would be increased to $102,000.
----------------------------------------------------------------------------------------------------------------
Inflationary Tracking Rounding
Adjusted item Starting value factor amount requirement Revised amount
----------------------------------------------------------------------------------------------------------------
The amount for the eligibility $100,000 1.02 $102,000 To the nearest $102,000
restriction on net family dollar.
assets.
The amount for the value of 50,000 1.02 51,000 To the nearest 51,000
net family assets above which dollar.
imputed returns may be
calculated; The amount of the
combined value of all non-
necessary personal property
that is excluded from net
family assets, if the
combined total value does not
exceed this amount; The
amount of net assets for
which the PHA/MFH Owner/CPD
Grantee may accept self-
certification by the family.
The amount of the mandatory 480 1.02 489.60 To the next 480 (no
deduction for a dependent; lowest multiple adjustment).
Income exclusion for earned of $25.
income of dependent full-time
students; Income exclusion
for adoption assistance
payments.
----------------------------------------------------------------------------------------------------------------
Sample 3: Calculating Revised Amount for the Elderly/Disabled Family
Deduction in 24 CFR 5.611(a)(2): Negative Percentage Change in Average
Year-Over-Year Index Values
Total and Average Year-Over-Year CPI-W Index Values for the Second
Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 284.575 278.884
May..................................... 288.022 282.262
June.................................... 292.542 286.691
3-month total........................... 865.139 847.837
3-month average......................... 288.380 282.613
------------------------------------------------------------------------
In this sample, the Elderly/Disabled Family Deduction has yet to be
adjusted for inflation, so at the outset it is set at the starting
value of $525.
Step 1--Calculate Inflationary Factor:
((282.613-288.380)/288.380) x 100 = -2.0 percent or 0.98
Step 2--No Adjustment Made:
Because this would result in a decrease, HUD will not make an
adjustment and will publish the Revised Amount as unchanged from the
prior year. The Revised Amount for the coming year will be $525. HUD
will hold the Revised Amount constant until the CPI-W average exceeds
its previous high, to ensure that subsequent increases to Revised
Amounts do not outpace inflation in recovery years.
----------------------------------------------------------------------------------------------------------------
Inflationary Rounding
Adjusted item Starting value factor Tracking amount requirement Revised amount
----------------------------------------------------------------------------------------------------------------
The amount for the $100,000 0.98 No adjustment... To the nearest $100,000
eligibility restriction on dollar.
net family assets.
The amount for the value of 50,000 0.98 No adjustment... To the nearest 50,000
net family assets above dollar.
which imputed returns may be
calculated; The amount of
the combined value of all
non-necessary personal
property that is excluded
from net family assets, if
the combined total value
does not exceed this amount;
The amount of net assets for
which the PHA/MFH Owner/CPD
Grantee may accept self-
certification by the family.
The amount of the mandatory 480 0.98 No adjustment... To the next 480
deduction for a dependent; lowest
Income exclusion for earned multiple of
income of dependent full- $25.
time students; Income
exclusion for adoption
assistance payments.
----------------------------------------------------------------------------------------------------------------
[[Page 27446]]
Sample 4: Calculating Revised Amounts for Net Family Assets in 24 CFR
5.609 (Value Cap for Imputing Net Family Assets, Value Cap for
Exclusion of Non-Necessary Personal Property) and 24 CFR 5.618 (Value
Cap for Self-Certification of Net Family Assets): Positive Percentage
Change in Average Year-Over-Year Index Values
Total and Average Year-Over-Year CPI-W Index Values for Second Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 285.121 289.641
May..................................... 285.002 288.991
June.................................... 272.542 289.564
3-month total........................... 842.665 868.196
3-month average......................... 280.888 289.399
------------------------------------------------------------------------
In this sample, the amount for the value of net family assets above
which imputed returns may be calculated, the value of the combined
total non-necessary personal property that may be excluded from net
family assets, and the amount of net assets for which the PHA/MFH
Owner/CPD Grantee may accept self-certification by the family have yet
to be adjusted for inflation, so at the outset all are set at the
starting value of $50,000.
Step 1--Calculate Inflationary Factor:
((289.399-280.888)/280.888) x 100 = 3.0 percent or 1.03
Step 2--Determine the Tracking Amounts for the Value Cap for
Imputing Net Family Assets, Value Cap for Exclusion of Non-Necessary
Personal Property, and the Value Cap for Self-Certification of Net
Family Assets:
$50,000 x 1.03 = $51,500
Step 3--Apply rounding requirement to determine the new Revised
Amount:
HOTMA requires that the value caps for imputing net family assets,
the exclusion of non-necessary personal property, and self-
certification of net family assets must be rounded to the nearest
dollar. The new Revised Amounts would increase from $50,000 to $51,500.
----------------------------------------------------------------------------------------------------------------
Inflationary Tracking Rounding
Adjusted item Starting value factor amount requirement Revised amount
----------------------------------------------------------------------------------------------------------------
The amount for the $100,000 1.03 $103,000 To the nearest $103,000.
eligibility restriction on dollar.
net family assets.
The amount of the mandatory 525 1.03 540.75 To the next $525 (no
deduction for elderly and lowest multiple adjustment).
disabled families. of $25.
The amount of the mandatory 480 1.03 494.40 To the next $480 (no
deduction for a dependent; lowest multiple adjustment).
Income exclusion for earned of $25.
income of dependent full-
time students; Income
exclusion for adoption
assistance payments.
----------------------------------------------------------------------------------------------------------------
Sample 5: Calculating Revised Amounts for Dependent Deduction in 24 CFR
5.611(a)(1): Subsequent Years of Inflationary Adjustments
This sample compares how calculations are made in the first year
with how calculations are made in subsequent years of inflationary
adjustment. It demonstrates three consecutive calculations of
inflationary adjustment for the dependent deduction. In the first year,
there is an inflationary factor of 4 percent; in the second year, there
is a factor of 3.5 percent; and in the third year, there is a factor of
3.9 percent.
First Year:
Total and Average Year-Over-Year CPI-W Index Values for Second Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 280.111 291.315
May..................................... 280.557 291.779
June.................................... 281.672 292.939
3-month total........................... 842.340 876.033
3-month average......................... 280.780 292.011
------------------------------------------------------------------------
In the first year of calculation, the Dependent Deduction has yet
to be adjusted for inflation, so at the outset it is set at the
starting value of $480.
Step 1--Calculate Inflationary Factor:
((292.011-280.780)/280.780) x 100 = 4.0 percent or 1.04
[[Page 27447]]
Step 2--Determine the Tracking Amount for the Dependent Deduction:
$480 x 1.04 = $499.20
Step 3--Apply rounding requirement to determine the new Revised
Amount:
HOTMA requires that the dependent deduction must be rounded to the
next lowest multiple of $25. Because $499.20 would round to $475, which
is lower than the current level of $480, HUD would make no adjustment
to the dependent deduction. The Revised Amount for the coming calendar
year would remain $480.
Second Year:
Total and Average Year-Over-Year CPI-W Index Values for Second Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 291.315 301.511
May..................................... 291.779 301.991
June.................................... 292.939 303.192
3-month total........................... 876.033 906.694
3-month average......................... 292.011 302.231
------------------------------------------------------------------------
Step 1--Calculate Inflationary Factor:
((302.231-292.011)/292.011) x 100 = 3.5 percent or 1.035
Step 2--Determine the Tracking Amount for the Dependent Deduction:
In the second year of calculation, HUD will start with the Tracking
Amount from the prior year ($499.20), which is equivalent to the
product of the starting value and all inflationary factors determined
to date.
$499.20 x 1.035 = $516.67
Step 3--Apply rounding requirement to determine the new Revised
Amount:
HOTMA requires that the dependent deduction must be rounded to the
next lowest multiple of $25. $516.67 must be rounded down to $500. The
Revised Amount for the coming calendar year is increased from $480 to
$500.
Third Year:
Total and Average Year-Over-Year CPI-W Index Values for Second Quarter
------------------------------------------------------------------------
Prior year Current year
Month index value index value
------------------------------------------------------------------------
April................................... 301.511 313.270
May..................................... 301.991 313.769
June.................................... 303.192 315.016
3-month total........................... 906.694 942.055
3-month average......................... 302.231 314.018
------------------------------------------------------------------------
Step 1--Calculate Inflationary Factor:
((314.018-302.231)/302.231) x 100 = 3.9 percent or 1.039
Step 2--Determine the Tracking Amount for the Dependent Deduction:
In the third year of calculation, HUD will start with the Tracking
Amount from the prior year ($516.67), which is equivalent to the
product of the starting value and all inflationary factors determined
to date.
$516.67 x 1.039 = $536.82
Step 3--Apply rounding requirement to determine the new Revised
Amount:
HOTMA requires that the dependent deduction must be rounded to the
next lowest multiple of $25. $536.82 must be rounded down to $525. The
Revised Amount for the coming calendar year is increased from $500 to
$525.
During this hypothetical four-year period, there has been an 11.8
percent increase in the average CPI-W index value (from 280.780 to
314.018). Likewise, there has been an 11.8 percent increase in the
Tracking Amount (from $480 to $536.82). In that time, the dependent
deduction has increased by 9.4 percent (from $480 to $525). If instead
of this method, HUD were to begin the second- and third-year
calculations with the rounded Revised Amount from the previous year,
the dependent deduction would not increase at all.
VII. Findings and Certifications Environmental Impact
This notice sets forth rate determinations and related external
administrative requirements and procedures that do not constitute a
development decision affecting the physical condition of specific
project areas or building sites. Accordingly, under 24 CFR 50.19(c)(6),
this notice is categorically excluded from environmental review under
the National Environmental Policy Act of 1969 (42 U.S.C. 4321).
VIII. Paperwork Reduction Act
This notice does not impact the information collection requirements
already submitted to the Office of Management and Budget (OMB) under
the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520). In
accordance with the Paperwork Reduction Act, an agency may not conduct
or sponsor, and a person is not required to respond to, a collection of
information unless the collection displays a currently valid OMB
control number. The OMB control number associated with this collection
is 2502-0587.
Damon Y. Smith,
General Counsel.
[FR Doc. 2024-08133 Filed 4-16-24; 8:45 am]
BILLING CODE 4210-67-P
