In this week’s #TuesdayTip, a review of the Summer series previewing the upcoming changes effective January 1, 2024.
HOTMA Review
Please keep the following in mind as you prepare for the HOTMA rule change.
- Many Documents and Forms will change including HUD Form 9887 & 9887A.
- HUD Form 9887, 9887A signed after January 1, 2024 only require a signature once. Forms must be signed again if a new member of the household aged 18 or over has been added.
- These forms will also have to be signed again if a member of the household turns 18 after January 1, 2024.
- EIV Income Reports are only required at annuals, and are now optional at Interim Certifications.
- However, owners & agents have the option to use them during the (IC) process.
- HOTMA uses TRACS203A, so software updates will be likely.
- Under the HOTMA rule, the HUD Model Lease and House Rules will change.
- A New lease will be required under HOTMA. Now is the time to inform residents of the changes.
- 60 Day Notice required prior to implementing the new lease.
- 30 Day Notice required prior to implementing new house rules.
- $100,000 asset limit applies to Section 8- Family & Elderly Only
Finally, Navigate will provide updated resources and guidance on HOTMA as we receive information from HUD.
