Affordable housing managers know that regular distributions from retirement accounts are considered income, and when the distributions begin, the accounts are no longer considered assets. For this reason, knowing when a person is required to begin taking minimum distributions is an important piece of knowledge for managers.

The Consolidated Appropriations Act of 2023, which was passed by Congress on December 23, 2022, and was signed by President Biden, includes a change in age for Required Minimum Distributions (RMDs) from 401(k) plans, 403(b) plans, governmental 457(b) plans, and IRAs.

Here are the new age requirements:

Affordable housing managers should be aware of these changes when determining the income of applicants or residents who fall into the age categories noted above.