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RD Publishes Timeline and Guidance for Implementation of HOTMA
Announcing – Rural Development's Timeline and Guidance for Implementation of the Housing Opportunity Through Modernization Act.
Washington D.C., September. 04, 2024 - The Rural Housing Service (RHS) Office of the Multifamily Housing (MFH) has published an Unnumbered Letter (UL) notifying MFH staff of the anticipated timeline of events for the implementation of the Housing Opportunity Through Modernization Act (HOTMA). The UL includes an attachment with frequently asked questions.HOTMA, signed into law on July 29, 2016, directed The U.S. Department of Housing and Urban Development (HUD) to update requirements related to income calculations found in the Housing Act of 1937. To incorporate the changes made by HOTMA, HUD published a Final Rule on February 14, 2023, updating the existing 24 CFR 5.609 and 24 CFR 5.611. The HOTMA changes found at 24 CFR 5.609(a) and (b) and 24 CFR 5.611 affect the RHS Multifamily Housing portfolio. (See UL published March 4, 2024.)
Although HOTMA was published with an effective date of January 1, 2024, RHS has delayed implementation of this change until January 1, 2025. RHS expects full implementation of the applicable HOTMA regulations for MFH tenant certifications effective January 1, 2025.
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