Part 1: June 27: 12 pm EDT to 4 pm EDT
Part 2: June 28: 12 pm EDT to 4 pm EDT

HUD has issued final regulations implementing the Housing Opportunity Through Modernization Act of 2016 (HOTMA) and says that Owners must implement the new income rules for all tenant certifications (50059’s) beginning January 1, 2024.  

This is the most sweeping change to how we determine eligibility and calculate income and rent in the last 40 years.  There will be new forms 50059, 9834 ,9887, and HUD Model Leases and new definitions for Day Laborer, Independent Contractor, Real Property, and Seasonal Worker, revised definitions of Dependent, Earned Income, Family, Health & Medical Care Expenses, Net Family Assets, and Unearned Income.  The new regs allow for self-certification of assets under $50,000 (not $5,000) and changes in what is included and excluded from income.  The percentage of annual income that is deducted before taking medical and disability expenses will increase and has to be phased in to mitigate impact on residents.  Elderly/disabled family and dependent deductions will change annually based on an inflationary adjustment. Some rules apply only to Section 8 PBRA including making families with more than $100,000 in assets or who own another place to live ineligible for both admission to and continued occupancy in assisted housing.  The requirement to do interims both for increases and decreases will be based on a % of change not on a specific dollar amount or whenever a tenant has any amount of decrease.   And there’s more!  Learn how each change will work and what you need to do to implement them and be in compliance.  

Areas Covered:

• Asset limitations, verification and imputing income
• Income and Asset Inclusions/Exclusions
• Medical Expense/Allowance
• Dependent Allowance
• Elderly/Disabled Family Deduction
• Interim Recertification triggers
• Hardship Exemptions and Phase-ins
• Form changes
• Use of EIV
• Students will identify which rules apply to which programs
• Students will learn how the deadline could affect their current work

Who Should Attend:

• Owners
• Agents
• Managers
• Compliance Specialists for HUD Multifamily Projects

What Programs Are Affected:

• Section 8 Project-Based Rental Assistance (PBRA),
• Section 202/8
• Section 202/811 Project Rental Assistance Contract (PRAC)
• Section 202/162 Project Assistance Contract (PAC)
• Section 811 Project Rental Assistance (PRA)
• Senior Preservation Rental Assistance Contract (SPRAC)

Testimonials:

• I liked that it was up to date and gave good examples to clarify some of the new rules that will be implemented.
• Gwen has a great way of conveying the information in a clear and realistic way :)
• Gwen Volk is an excellent presenter! The overview was informative for the information that is available at this time.
• The trainer is always very clear and informative when going over certain criteria. I appreciate her expertise advise.
•  Gwen was very informative on what she knew

Speaker(s)

Gwen Volk

Gwen Volk has worked in the affordable housing industry since 1983. She has been president and CEO of a Midwest property management company and chief compliance officer over a Dallas firm’s national portfolio. She has a Master’s degree in Business and is a Certified Property Manager through the Institute of Real Estate Management. Gwen holds certifications as a National Affordable Housing Professional – Executive Level, Specialist in Housing Credit Management, Housing Credit Certified Professional, Certified Professional of Occupancy, and in Fair Housing Compliance and has been a servant leader in the AHMAs, NAHMA and IREM throughout her career. Gwen is a nationally recognized expert in the tax credit, bond, HOME, and Section 8 programs and enjoys helping agents, owners, and managers make sense of it all.

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