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 4 - HUD continues to release new guidance meant to simplify verification.
With the implementation of HOTMA, starting with certifications effective 1/1/2024, HUD introduces Safe Harbor (means-tested) verification.
What does this mean? Owner/agents may, but are not required to, use income calculation information from other programs or agencies to determine family income prior to applying deductions.
The list includes, but is not limited to, TANF, SNAP, WIC, SSI, certifications from other HUD programs (limited) and even LIHTC! There are rules surrounding the use of means-tested verification and we have requested additional guidance, but this is great news!
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!!