Ebony Hall, Director of Marketing & Communications
The Office of Multifamily Housing Programs has a new HOTMA extension that impacts all of us. In Notice H 2023-10, Section 6.2, the compliance date for updating Tenant Selection Plans (TSP) and Enterprise Income Verification (EIV) Policies and Procedures (P&P) has been extended from March 31, 2024, to May 31, 2024. This extension offers a sigh of relief! Property owners and managers can fully align their operations with the Housing Opportunity Through Modernization Act (HOTMA) requirements.
Understanding the New HOTMA Extension’s Impact
The extension allows additional time for thorough reviews and updates. This ensuring tenant selection and income verification processes are up-to-date with the latest HUD guidelines. This is crucial for maintaining compliance and avoiding potential penalties.
Key Steps to Take Now
- Review your current TSP and EIV P&P to identify areas needing updates.
- Consult with HUD resources or professionals to understand the latest requirements under HOTMA.
- Implement necessary changes and train your staff on the updated procedures.
Maximizing the New HOTMA Extension for Your Community
This extension is not just about compliance; it’s an opportunity to enhance the efficiency and fairness of your housing operations. By reviewing and updating your policies, you can improve the living conditions for your tenants and the overall management of your properties.
Sigh of Relief?
The HOTMA compliance date extension is a crucial development for housing professionals. By taking proactive steps now, you can ensure your operations are not only compliant but also contribute to the broader goal of providing quality, affordable housing to all.
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