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.
Instructor
Gwen Volk, President, Gwen Volk INFOCUS, Inc.
Since 1983, Gwen Volk has assisted developers, owners, agents, and on-site staff in navigating the complexities and challenges of the many programs that provide housing opportunities for low and moderate-income families. Gwen served as vice president, president and chief executive officer of a Midwest affordable housing development and management company from 1983-1996 and as chief compliance officer for a Dallas-based firm from 2001 - 2014. Since 1996, throughout her other pursuits, Gwen has provided training and consulting services from coast to coast through Gwen Volk INFOCUS, Inc. She has extensive knowledge and experience in Section 42 low income housing tax credit, tax-exempt bond, HOME, Section 8, 236, 202 PAC, 202/811 PRAC and Rural Development programs. Gwen has volunteered countless hours with local and regional Affordable Housing Management Associations (AHMAs) , the National Affordable Housing Management Association (NAHMA) and the Institute of Real Estate Management (IREM). A member of NAHMA since 1991, she has twice served on its board of directors, and has chaired its Certification Review Board, Education and Training, and Fair Housing committees. From 2007 - 2021 Gwen was a member of the Specialist in Housing Credit Management Technical Advisory Committee, responsible for development and quality control of the SHCM certification exam. Gwen served on the board of the NAHMA Education Foundation and is a director on the AHMA East Texas Scholarship Foundation board. Since 2009 Gwen has served on IREM's Affordable Housing Advisory Council /fka Federal Housing Advisory board. Gwen is highly skilled and effective at teaching and coaching staff at every level, helping owners to navigate the complexities of the programs, advising agents on compliance and problem-solving, and working with the agencies that administer and monitor the programs. Her experience, knowledge, passion and commitment to the affordable housing industry makes her uniquely qualified to serve the training and consulting needs of the organizations, agencies, companies and individuals who make affordable housing a reality.
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