Asset management Insight Multifamily loan compliance Housing Tax Credit compliance Section 8 Contract Administration Rent and Income Limits FDIC/RTC Affordable Housing Program 8020 Bond Program Comments/Concerns? chfareach membership Colorado Housing Search.com Student Financial Assistance   Both the HUD Handbook 4350.3, Chapter 5, Exhibit 5-1 – Income Inclusions and Exclusions (Effective June 23, 2009) and Chapter 4 page 4-19 of the Revised 8823 Guide published by the IRS (Effective October 1, 2009) define how student income for low-income households should be calculated. All forms of financial assistance no matter how it is used is excluded from annual income if the household is not receiving Section 8 Assistance. Tuition income may be counted for households which are receiving Section 8 assistance if the household does not meet one of the exemptions outlined in both the HUD Handbook and the IRS 8823 Guide. Although the 8823 is applicable primarily to the Low-Income Housing Tax Credit Program, the ruling regarding the calculation of tuition income is also applicable to Loan Finance Developments governed under 142(d) of the Internal Revenue Code. Given the position of HUD and the IRS, the Colorado Housing and Finance Authority has adopted the position of the exclusion of Student Financial Assistance as it pertains to all loan financed programs. The rule will remain in effect for all Section 8 subsidized households. The current Loan Finance manual has been updated accordingly. If you have any questions, please feel free to contact the Program Compliance Officer assigned to your development. © 2012 Colorado Housing and Finance Authority - 1.800.877.chfa (2432) en espanol  privacy & security nondiscrimination contact  Western Slope Office - 1.800.877.8450