Introduction to HOTMA: An Overview of Anticipated Changes

On January 9, 2023, HUD published a final rule implementing The Housing Opportunity Through Modernization Act (HOTMA), which was signed into law on July 29, 2016. This final rule was published in the Federal Register on February 14, 2023, and will become effective on January 1, 2024. 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 have a significant impact on the determination of income for the LIHTC Program. This full-day training will explain the sweeping changes made by the final rule 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; (6) Changes to the HOME Program; and (7) 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.