Rent from an accessory dwelling unit may count toward a guaranteed loan
What the document says“``(C) Rule of construction.--Nothing in this paragraph shall be construed to prohibit the leasing of an accessory dwelling unit or the use of rental income derived from such a lease to qualify for a loan guaranteed under this subsection--”
The section amends section 502(h)(4) of the Housing Act of 1949 to add a definition of an accessory dwelling unit as a single habitable living unit with its own way in and out, usually smaller, that can be added to, created within, or detached from a primary single-family dwelling and that together with it forms a single interest in real estate. It adds a rule of construction that nothing in the paragraph bars leasing such a unit or using the rent from it to qualify for a guaranteed loan, after the date of enactment and where the property was built before that date.
What the document actually says“``(C) Rule of construction.--Nothing in this paragraph shall be construed to prohibit the leasing of an accessory dwelling unit or the use of rental income derived from such a lease to qualify for a loan guaranteed under this subsection--”
This part does not bar renting out a small extra home on the lot. It does not bar using that rent to qualify for a backed loan.
An accessory dwelling unit is a second small home on one lot. The rule reaches loans after this law passed. The house itself must have been built before then.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.