HOTMA’s Impact on HUD’s Multifamily Housing Industry
Ready or not, HOTMA is coming…and you should be ready for HOTMA’s Impact on HUD’s multifamily housing industry. HOTMA (Housing Opportunity Through Modernization Act) introduces the most significant and comprehensive changes that HUD’s occupancy requirements for the HUD Multifamily Housing industry have seen in the last ten years. Whether you have five or 500 HUD […]
Read More....5 Positive Takeaways in HUD’s HOTMA Final Rule
Buzz about the HOTMA Final Rule has dominated the affordable housing industry this year. Questions from property owners abound: When will it officially roll out? How will it impact tenants? When do property leasing staff really need to be trained? HOTMA introduces the most significant set of changes to occupancy requirements that the industry has […]
Read More....HOTMA Got You Overwhelmed About a Management and Occupancy Review (MOR)?
Does the new HOTMA final rule have you overwhelmed about an upcoming Management and Occupancy Review (MOR)? Full owner compliance with HOTMA must occur prior to the July 1, 2025. This means owners will have calendar year 2024 to ensure they: understand the regulatory changes, update required policies (spoiler alert – some needed to be […]
Read More....Do Tenants Without Vehicles Still Need Assigned Parking Spots?
Question: Do tenants without vehicles still need assigned parking spots? If a tenant does not own a vehicle, and no longer drives, does that tenant still have to have an assigned parking spot if the property has assigned parking? Answer: HUD does not have established regulations specific to parking. However, you must ensure consistency and outline […]
Read More....HOTMA Action Items: How to Stay on Track
Greetings DeSilva Housing Group Clients and welcome to 2024! This year is slotted to be a big year with crucial dates and big changes for HUD Multifamily Owners. It will forever be known as “the year of HOTMA implementation”. With all the tasks and deadline dates being thrown around related to Public Housing, Tax Credit […]
Read More....HUD Reinstitutes On-Site MORs
On-Site MORs are back! The Office of Asset Management and Portfolio Oversight published a memo in late October 2023 reinstituting the practice of on-site MOR visits as a required component to Management and Occupancy Reviews (MORs), effective with MORs scheduled on or after January 1, 2024. HUD’s updated guidance does allow for alternative MOR procedures […]
Read More....Hold Your Horses, HOTMA! We Have More Time
At long last, HUD has officially announced that Multifamily owners can implement HOTMA regulations in stages during calendar year 2024. What does this mean? It is not necessarily a simple, short answer. The Final Rule’s effective date remains January 1, 2024. However, HUD has acknowledged how significant of a program shift this will be for […]
Read More....What Am I Preparing For?
“Champions do not become champions when they win the event, but in the hours, weeks, months and years they spend preparing for it.” – Alan Armstrong On September 29th, HUD published Housing Notice 2023-10 which prompted significant changes to the HOTMA Final Rule from February 14th while also creating extensions for implementation. Although we encourage industry stakeholders […]
Read More....2023 HUD Median Family Income Limits Released
HUD released the official 2023 HUD median family income limits this week, which you can view here. How do median family income limits impact property owners? There are two key things to note: Owners of properties participating in HUD’s Multifamily Housing Programs must utilize these limits when processing Move-Ins and Initial Certifications HUD Form 50059s […]
Read More....TRACS User Re-Certification Due Friday March 10th 2023
TRACS User Re-Certification is Due Friday March 10th 2023. Individuals with access to TRACS in HUD’s Secure Systems are assigned access as either a TRACS Coordinator or a TRACS User. Each year, those that are TRACS Coordinators are responsible for recertifying their assigned TRACS Users. The purpose of the annual user recertification is to ensure […]
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