HOTMA Implementation is well underway at multifamily properties across America. While working to remain in compliance can be stressful, there is a lighter side to the new rule. In this week’s #TuesdayTip, Corporate Trainer Vickie Bell shares some of the bright spots of HOTMA Implementation.

As Vickie shares, she is most excited about no longer having to complete an EIV discrepancy report. Scroll down for her complete list of the lighter side of HOTMA.

• Now, owners only have to obtain one bank statement for checking asset.
• Also, only two consecutive pay stubs are required to verify income under the new rule.
• The 2025 COLA can be applied when it is announced.
• Owners and agents now have 120 day to pull EIV income reports instead of 90 days.
• Residents can self certify assets under $50,000.
• HUD gives clear instructions on real property.
• Retirement accounts determined by the IRS are no longer included on 50059 as an asset for Section 8 program.
• Finally, the lighter side of HOTMA implementation is HUD clarification on how to process Federal Tax Refunds.

Owners and agents the first deadline to remain compliant is May 31, 2024. This deadline requires updates to Tenant Selection Plans and more.