HOTMA’s Impact on HUD’s Multifamily Housing Industry

October 8, 2024
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 units at your site, you’ll need to correctly incorporate HOTMA requirements.

While identifying and learning how to implement these changes can be scary, in the end, most of these changes are good for the industry – both for tenants and owners.

To correctly implement the mandatory changes, owners must:

  • Learn and understand the regulatory changes – ideally, now vs. later. Given the complexity and breadth of the changes, it’s essential to start understanding them now instead of later this year. Most provisions for HUD Multifamily Housing programs will become effective on January 1, 2024.
  • Update existing written policies and procedures as well as create entirely new ones in response to HUD’s guidance introduced in the HOTMA Final Rule.
  • Update forms used in eligibility determinations and ongoing recertification activities to include new questions and changed processes.
  • Notify tenants of the changes that are implemented. Doing this in a clear and concise manner will be a challenge. Multiple notifications on single topics may be better than a single notice on multiple changes. Because it is a lot for operators to digest, it will be a lot for residents to digest. It is critical that we highlight the positive changes HOTMA brings to the industry. See our General Tenant Notice you can purchase here.
  • Implement these changes to once their TRACS Version 2.0.3.A software is updated.

Need Help Navigating The Changes?

Don’t worry. DeSilva Housing Group is here to help. We have upcoming live trainings on HOTMA scheduled in cities across the U.S. this summer, and we offer updated policy and forms packages to assist clients with implementation.

Want To Get Free Tools & Tips on Navigating HOTMA’s Impact On HUD’s Multifamily Housing Industry?
[button type=”success” size=”lg” link=”/free-tools-tips/”] Click Here! [/button]

Follow us on Facebook to keep up with the latest DeSilva Housing Group updates.