Understanding and implementing HOTMA changes before we begin creating 2024 certifications is a real challenge. We start creating 1/1/2024 ARs as early as September.
While we know this is going to create work and we know any change introduces stress, I want to emphasize the positive changes introduced by HOTMA in the hope that this will make the transition easier. You'll receive a HUDBlast every few days providing information about how HOTMA will make our jobs easier.
Be sure to sign up for the HOTMA OnDemand Training and the HUD Today 2023 Online class for more in-depth instruction.
HOTMA Positive Change 3 - HOTMA rules remove Retirement Accounts (as defined by the IRS) from Asset Inclusions. Check the IRS website if you want to confirm whether a particular account is considered a retirement account.
Starting with 1/1/2024 certifications, owner/agents will no longer include residents' retirement accounts when determining the cash value of assets and income from assets.
However, when a retirement account begins making regular periodic payments, those payments will still count.
Thanks, HUD! This makes asset verification so much easier!
Remember, this HOTMA change is effective 1/1/2024.
We have released the RBD OnDemand Training - HOTMA - Multifamily Housing, which gives industry stakeholders a high-level overview explaining HOTMA changes that affect MFH programs.
Be sure to check it out HERE.
We recently announced our HUD Today 2023 Online Training Workshop schedule. Mary is back to:
To get more details, click here to see the HUD Today 2023 class agenda.
Classes are filling up quickly, be sure to register now before classes sell out!
We've also added a new HOTMA Resources page which will be updated as HUD releases clarifications and we develop new Resources for our customers.
New HOTMA FASTForms Coming Soon!!