AHMA Update: Sessions Presentations Available on NAHMA Website;Rural Housing Update: Administrator Exception - HOTMA Implementation

March 9, 2024

Dear NAHMA Members –

 

It was great to see you at this week’s conference.  I have two quick updates to share:

 

  1. All: I upload presentations from the Thursday and Friday sessions to the NAHMA Meetings website. You can find them under the section Downloadable Session Materials. You have until end of March to download them.
  1. For Rural Housing Members – Below, please find a recent HOTMA announcement from RHS. This update was sent during the conference:

Administrator Exception - Housing Opportunity Through Modernization Act (HOTMA) Implementation
 
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STAKEHOLDER ANNOUNCEMENT

Administrator Exception - Housing Opportunity Through Modernization ActImplementation

Washington D.C, March, 06, 2024 -The Rural Housing Service (RHS) Administrator approved an Administrator’s Exception related to an upcoming regulation change resulting from the Housing Opportunity Through Modernization Act (HOTMA). 

RHS published a Memorandum, informing Multifamily Housing (MFH) owners, management agents, and partners of an Administrator’s Exception as it relates to 7 CFR 3560.153 and 24 CFR 5.609(c). 

The Housing Act of 1949 requires the calculation of tenant’s annual and adjusted household income be taken from the definition provided by the Housing Act of 1937 (42 USC 1471; 42 USC 1437a). This requirement is reflected in 7 CFR 3560.153(a) which requires annual and adjusted income to be calculated in accordance with 24 CFR 5.609.   

HOTMA, signed into law on July 29, 2016, directed The U.S. Department of Housing and Urban Development (HUD) to issue a rule, making changes to the requirements related to income calculations found in the Housing Act of 1937.  To incorporate the changes made by HOTMA, HUD published a Final Rule on February 14, 2023, updating the existing 24 CFR 5.609.   

The Housing Act of 1949 does not incorporate the updates found in 24 CFR 5.609(c) and accordingly RHS and MFH will not implement 24 CFR 5.609(c). 

To subscribe to USDA Rural Development updates, visit the GovDelivery subscriber page.