On February 14, 2023, HUD Released the Final Rule - announcing the long-awaited implementation of The Housing Opportunity Through Modernization Act (HOTMA). By regulation, the changes introduced through HOTMA must take effect the first of the year following release of the Final Rule.
HOTMA has introduced many changes to HUD’s Multifamily Housing Programs including:
But, when do you and your staff need to be ready? How about your software vendors and CAs?
Don’t panic. HUD has not yet published their rollout calendar explaining the final deadline for HOTMA implementation.
Software vendors are already working on programming changes to allow you to implement HOTMA as quickly as possible. Most vendors are working with HUD in the design of the final specification document.
Mary thought the best place to start is to provide a high-level review of the HOTMA changes for owner / agents and site staff, Contract Administrators, compliance specialists, and software support teams. Today – the RBD OnDemand Training – HOTMA – Multifamily Housing is available for review. This 60-minute OnDemand class highlights the changes with the biggest impact on your operations while identifying remaining clarification questions still under review. This OnDemand class is available for three days from the date of purchase so you can start, stop or repeat the training as necessary.
Mary will let you know what to expect, who will be impacted, who will need additional training and some not-so-far-off deadlines to mark on your calendar.
Be sure to also check out our HOTMA Resources page that has been added to our website. We will be constantly updating the Resources page as needed.
