S. 2935

End Housing Subsidies for the Rich Act of 2016

This bill amends the United States Housing Act of 1937 to revise eligibility requirements for assisted housing.

If a public housing agency (PHA) determines that a tenant's income is greater than 120% of the area median income for two consecutive years, the PHA must terminate the family's tenancy within six months.

Such a family may, however, continue to occupy the dwelling unit month-to-month if:

• the PHA charges the family the fair market rent, and
• there are no eligible families applying for housing assistance from the PHA for that month and the agency provides at least a 30-day public notice of the availability of such assistance.

A PHA may not rent a dwelling unit to or assist families with net family assets exceeding $100,000 annually (adjusted for inflation) or an ownership interest in property that is suitable for occupancy. This restriction does not apply to victims of domestic violence, individuals using housing assistance for homeownership opportunities, or a family that is offering a property for sale.

PHAs must require applicants to authorize financial institutions to disclose records necessary to determine eligibility for benefits.