Agenda:
Day 1
9 am - Noon Instruction
Noon - 1 pm Break
1 pm - 4 pm Instruction
Day 2
9 am - Noon Instruction
Description:
HUD has revised and reissued the Supplementary Guidance effective 2/2/2024 to correct and clarify numerous requirements in the 9/29/23 Notice. In addition, HUD has now added “Total Nonenforcement” (translation – “grandfathering”) of the Section 8 Asset Restrictions as another Owner option for existing residents. The course will include everything that is known about what, how and when to implement the numerous HOTMA changes, helpful resources and tools, so that, regardless of what HUD does and when they do it, after completing the course, you will be ready for HOTMA.
- Income Changes – including fosters not counted in the income limit, new income exclusions, new asset exclusions, methods of calculation, verification hierarchy, means tested and streamlined methods, student financial aid included for all HUD programs, how to calculate for Section 8 and for other HUD programs, changes to the financial aid exceptions,
- Income from Assets- new asset threshold, non-necessary personal property, and methods to verify and calculate income from assets, self-certification of assets
- The Section 8 Asset cap – cap on net cash value and real estate suitable for occupancy, admission requirements, owner options for existing residents, option to cure, time limits, and exceptions.
- Deductions and Allowances - CPI adjustment, 10% medical and disability “deductible”, existing tenant phase-in, general relief, owner choices for new tenants, and discretionary owner hardship policies
- Annual Recertification – new methods to determine income, new rules for retroactive rent decreases, use of EIV/
- Interim Recertification – lease changes, increases based on 10% change in adjusted income, and owner option on decreases, restrictions on doing interims for increases in earned income, owner option on using EIV, and non-interim re-examination transactions
- Miscellaneous – New forms – leases, 50059, 9887 and 9887A, how and when to implement, De minimum errors – impact on owner, impact on tenants, suspension of EIV Income Discrepancy reports, new ways to verify SSN’s, required topics in the tenant selection plan, and owner discretionary policies
