HOTMA FINAL RULE
HUD has released the final rule implementing Sections 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Extensive changes made in these sections will affect a number of programs which use HUD regulations including HCV, PBV, public housing, Multifamily programs, LIHTC, HOME and National Housing Trust Fund (NHTF). We will be taking an in depth look at the impact on affordable housing compliance professionals, specifically:
- Section 102: addresses income reviews, including the frequency of income reviews and revises the definitions of income and assets
- Section 104: sets asset limits for the Section 8 and Public Housing programs. Asset limits do not apply to the Section 202/8, Section 202/162 Project Assistance Contract (PAC), 202/811 Project Rental Assistance Contract (PRAC), Senior Rental Preservation Assistance Contract (SPRAC), or the Section 811 Project Rental Assistance (PRA) programs
The provisions will be effective starting January 1, 2024. More info can be found on HUD’s HOTMA Resource page.