|Duration: 480 minutes||Speaker: Gwen Volk|
This Class is Not Applicable to the Public Housing and Housing Choice Voucher program.
On September 29, HUD issued the long-awaited Supplementary Guidance on the Housing Opportunities Through Modernization Act (HOTMA). By March 31, 2024 Owners must revise their Tenant Selection Plans and EIV Policies and Procedures to comply with HOTMA and make them publicly available. Implementation of the new rules will be required thereafter once the Owner’s software is HOTMA compliant, which is expected to happen sometime the second quarter of 2024. Owners must be fully in compliance by January 1, 2025.
HOTMA includes the most comprehensive changes to the way HUD properties determine eligibility and calculate income and rent since 1981 when Congress raised the rent cap from 25% to 30% of Adjusted Income. The changes will have a ripple effect on other affordable housing programs including Rural Development and the Low Income Housing Tax Credit and HOME programs. Some state agencies have already issued new HOTMA compliant forms and requirements. Find out the most significant changes, how the recent guidance significantly changed and clarified some of HUD’s earlier guidance, and when you will need to start following the new rules.
Who Should Attend:
What Programs Are Affected:
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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