Update on HOTMA

On January 9, 2023, HUD published a final rule implementing The Housing Opportunity Through Modernization Act (HOTMA), signed into law on July 29, 2016. This final rule was published in the Federal Register on February 14, 2023, and will become effective for HUD projects on July 1, 2025. Virtually all HUD programs are impacted by the rule, as are the Low-Income Housing Tax Credit (LIHTC) Program and the Rural Development Section 515 Program. The final rule makes sweeping changes to HUD programs and will significantly impact the income determination for the LIHTC Program.

This three-hour training will explain the changes that must be implemented in 2025 and will cover the following areas:

1. Definitional changes relating to earned and unearned income, non-recurring income, and foster children;
2. Revised Income Exclusions;
3. New requirements relative to Student Financial Assistance;
4. Changes to the HUD permitted deductions from gross income, including a full review of the new “hardship exemptions;”
5. Brand new rules regarding assets;
6. New Interim Recertification requirements;
7. Changes to the HOME Program; and
8. The new definition of “annual income.”

This session is a must for all managers of HUD, Rural Development, and LIHTC properties and will provide plenty of opportunity for Q&A.