HUD Releases HOTMA Notice

As many of you know, HUD released HSG Notice 2023-10

Implementation Guidance: Sections 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 (HOTMA)

This 111-page Notice provides much anticipated guidance related to implementation of HOTMA for HUD’s housing assistance programs. 

The Notice includes changes to previously collected clarifications including:

  1. The Section 8 Asset Restrictions WILL apply to the 202/8 program.
  2. Owner/agents will no longer be required to review the EIV Income Discrepancy Reports until HUD revises the logic used to generate a discrepancy.
  3. Verification is simplified including requiring only one statement from financial institutions to verify the cash value of certain assets (previously HUD required owner/agents to use an average balance over six months to verify the cash value of checking accounts.). 

We’ll be providing a more comprehensive overview of the changes driven by the Notice.  

We’ve started modifications to products affected by this change. We’re updating:

  • The RBD OnDemand training HOTMA for Multifamily Housing;
  • The HOTMA FASTForms Package;
  • The TSP Packages;
  • The EIV Packages;
  • Our RBD Resource – Treatment of Assets;
  • Our RBD Resource – HOTMA Implementation Checklist
  • And much more. 

We’ll let you know as soon as these resources are available. 

For those of you who purchased the HOTMA FASTForms package, please keep in mind that these updates will be sent to you free of charge as soon as they are complete. 

If you purchased any other FASTForms package in the last 30 days, and if those packages are updated as a result of HOTMA changes, the updated documents will be sent to you as well.