HUD Clarifies HOTMA Asset Limit Implementation Timing
In a message to affordable housing stakeholders on Nov. 29th, the U.S. Department of Housing and Urban Development (HUD) clarified timing for implementation of new asset limitations under the Housing Opportunity Through Modernization Act (HOTMA).
While housing providers will take steps to become HOTMA-compliant during 2024, HUD has informed stakeholders that Multifamily Housing providers must not enforce the new asset limitations on impacted residents until the housing community’s software is HOTMA-compliant and the household has signed a model lease detailing the new HOTMA provisions. This will not occur until later in calendar year 2024, when additional HOTMA implementation components become available.
Read more about HOTMA and HUD’s clarification of the asset limit implementation timeline from LeadingAge National here.
To further support housing providers as they implement HOTMA in a mission-driven and older adult-friendly way, LeadingAge National is collaborating with DeSilva Housing Group, a national training and consulting firm that specializes in assisting Multifamily Housing owners and managers with HUD compliance. Find more information – including a 15 percent members-only discount on DeSilva Housing Group’s customized, HOTMA-compliant policies – on LeadingAge National’s website.
Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866