Implementation Permitted on 1/1/2024?

Yes

If yes, list revised forms:

PENDING

Adopt all newly defined income exclusions?

Yes

Have state required forms been revised?

PENDING

Exclude non-necessary personal property with a combined value of $50,000 or less?

Yes

Comments:

None

Adopt new guidance regarding financial assistance (assess for all households)?

Yes

List here any HOTMA policies that will NOT be implemented:

2 pay stubs unclear. Still require documentation of efforts to get an EV first.

Implementation Permitted on 1/1/2024?

Yes

Calculate child support based on payments received?

Yes

Allow use of "Current" value for checking accounts?

Yes

Allow use of 2 pay stubs?

PENDING-AHFC is still determining if we will allow the transition to source documentation over third party verification (which is the current requirement for LIHTC developments). If we do move to source documentation though we would require that it comply with the HOME program requirements (which requires two consecutive months of pay).

REQUIRED Implementation Date:

1/1/2025

If yes, list revised forms:

PENDING

Allow use of 2 pay stubs?

Yes

Adopt all newly defined income exclusions?

Yes

Have state required forms been revised?

PENDING

Exclude non-necessary personal property with a combined value of $50,000 or less?

Yes

Allow use of "Current" value for checking accounts?

Yes

Have state required forms been revised?

Adopt all newly defined income exclusions?

Calculate child support based on payments received?

Yes

Comments:

None

REQUIRED Implementation Date:

1/1/2025

Adopt new guidance regarding financial assistance (assess for all households)?

Yes

List here any HOTMA policies that will NOT be implemented:

None

Implementation Permitted on 1/1/2024?

Unclear

Comments:

We are not implementing HOTMA until 1/1/2025. IRS still hasn’t made ruling on the Under $50,000 to my knowledge. State is still reviewing whether or not all HOTMA changes will be implemented.

Allow use of "Current" value for checking accounts?

Exclude non-necessary personal property with a combined value of $50,000 or less?

Calculate child support based on payments received?

NO, child support must always be verified through child support enforcement

Allow use of 2 pay stubs?

NO, 2 months required

Adopt all newly defined income exclusions?

Yes

Implementation Permitted on 1/1/2024?

Yes

Have state required forms been revised?

Yes

Adopt new guidance regarding financial assistance (assess for all households)?

Exclude non-necessary personal property with a combined value of $50,000 or less?

Yes

List here any HOTMA policies that will NOT be implemented:

REQUIRED Implementation Date:

1/1/2025

Allow use of "Current" value for checking accounts?

Yes

Adopt new guidance regarding financial assistance (assess for all households)?

Yes

List here any HOTMA policies that will NOT be implemented:

None

Calculate child support based on payments received?

Yes

Allow use of 2 pay stubs?

Yes

Have state required forms been revised?

PENDING

Adopt all newly defined income exclusions?

Yes

Exclude non-necessary personal property with a combined value of $50,000 or less?

Yes

Comments:

None

Implementation Permitted on 1/1/2024?

Yes

Allow use of "Current" value for checking accounts?

Yes

REQUIRED Implementation Date:

1/1/2024

REQUIRED Implementation Date:

1/1/2025

If yes, list revised forms:

PENDING

List here any HOTMA policies that will NOT be implemented:

Still require 3 months stubs and efforts to obtain an EV

Implementation Permitted on 1/1/2024?

REQUIRED Implementation Date:

Adopt new guidance regarding financial assistance (assess for all households)?

Yes

Calculate child support based on payments received?

Yes

Allow use of 2 pay stubs?

NO: 3 months stubs are still required (AND efforts to obtain an EV)

Comments:

None

Exclude non-necessary personal property with a combined value of $50,000 or less?

Calculate child support based on payments received?

Adopt all newly defined income exclusions?

Allow use of 2 pay stubs?

Adopt new guidance regarding financial assistance (assess for all households)?

Allow use of "Current" value for checking accounts?

Have state required forms been revised?

If yes, list revised forms:

Comments:

CHFA will issue guidance on how HUD's Housing Opportunity through Modernization Act (HOTMA) impacts compliance for developments with Housing Tax Credits and CHFA Multifamily Loans via eNews as soon as it is available. In the meantime, we advise continuing your current certification processes based on CHFA’s Multifamily Program Compliance Manual.

Exclude non-necessary personal property with a combined value of $50,000 or less?

Yes

Adopt all newly defined income exclusions?

Yes

REQUIRED Implementation Date:

1/1/2025

List here any HOTMA policies that will NOT be implemented:

Implementation Permitted on 1/1/2024?

Yes

Allow use of "Current" value for checking accounts?

Yes

Have state required forms been revised?

Yes

Calculate child support based on payments received?

Yes

List here any HOTMA policies that will NOT be implemented:

Still require efforts to obtain an EV prior to accepting stubs

REQUIRED Implementation Date:

Implementation Permitted on 1/1/2024?

If yes, list revised forms:

Have state required forms been revised?

Allow use of 2 pay stubs?

Yes, but still require efforts to obtain an EV prior to accepting stubs

Adopt new guidance regarding financial assistance (assess for all households)?

Yes

Comments:

None

Allow use of "Current" value for checking accounts?

Calculate child support based on payments received?

Exclude non-necessary personal property with a combined value of $50,000 or less?

Adopt all newly defined income exclusions?

Allow use of 2 pay stubs?

Comments:

Adopt new guidance regarding financial assistance (assess for all households)?

REQUIRED Implementation Date:

List here any HOTMA policies that will NOT be implemented:

If yes, list revised forms:

Tenant Income Certification

Allow use of "Current" value for checking accounts?

Implementation Permitted on 1/1/2024?

Allow use of 2 pay stubs?

Adopt all newly defined income exclusions?

Calculate child support based on payments received?