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Guidance on Upcoming Implementation of HOTMA

17 Jan 2024 6:27 PM | Anonymous

The U.S. Department of Housing and Urban Development (HUD) has released guidance related to the Housing Opportunity Through Modernization Act, commonly referred to as HOTMA.

Under the HOTMA final rule, CPD programs that reference or use 24 CFR 5.60324 CFR 5.60924 CFR 5.61124 CFR 5.617, or 24 CFR 5.618 are subject to new or different requirements beginning January 1, 2024 (this includes the LIHTC, HOME, NHTF, & HOPWA programs).  Additionally, HUD issued conforming regulations to 24 CFR parts 9293570, and 574 that are also effective January 1, 2024. On December 13, 2023 HUD Issued the following notice: Federal Register: Housing Opportunity Through Modernization Act: Implementation of Sections 102, 103, and 104; Extension of Compliance Date.

This Notice allows PHAs the flexibility to establish their own compliance date for sections 102 and 104 of HOTMA as early as January 1, 2024, and no later than January 1, 2025. OHFA has elected to implement HOTMA no later than January 1, 2025 for compliance with all Housing Development programs.

To fully implement and comply with the HOTMA final rule no later than January 1, 2025, CPD program administrators must develop and/or update program guidelines, including policies, procedures, and internal systems, and conduct software updates to incorporate the new income and asset requirements prior to implementing these requirements for their programs. CPD program administrators must also identify ways in which CPD grantees can obtain income determinations from other HUD programs in order to implement program flexibilities that were built into the HOTMA final rule for those programs.

Over the next year, OHFA will be updating our program guidelines, including policies, procedures, and internal systems, and conduct software updates to implement HOTMA across our Housing Development Programs. Once updated, OHFA will sponsor a training for all owners/managers on the new implementation and guidance for HOTMA.



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