Below is the transcript for the video:

(0:04) By March 31, 2024, multi-family housing owners and agents must revise their tenant selection plans, their EIV policies and procedures, and their discretionary policies.

(0:19) As to monitoring compliance before January 1, 2025, HUD's oversight states no penalties for HOTMA-related tenant file errors during management and occupancy reviews (MORs). You will receive no errors and no findings for the MORs that are given. Contract administrators will issue observations with corrective actions for errors instead, not findings.

(0:50) By January 1, 2025, mandatory full compliance and full adherence to HUD's final rule is required. Owners and agents should correct all HOTMA-related observations that were issued at the MOR in 2024. Owners and agents' failure to implement HOTMA compliance rules may result in being found in default of business agreements with HUD.

(1:21) On or after January 1, 2025, HUD's enhanced monitoring contract administrators will issue HOTMA-related findings during MORs. Compliance with all aspects of HOTMA is expected. Multi-family housing owners must correct all HOTMA-related observations that were issued by contract administrators during 2024; if not, those observations will become findings for the 2025 MOR.