HOTMA updates and changes monitored, state by state, by our industry leading experts.
Personalized implementation plans catered to
your portfolio.
We're doing the work so you don't have to.
Preferred Compliance Solutions stands ready to
provide assistance in the transition, training, and
adoption of these unprecedented changes. Chat with
us today for your customized implementation plan.
We're excited to be a part of your team.
HOTMA makes significant changes to how a
household is defined, who counts as household
members, income, net family assets and income
reviews. Most of these changes will require less
documentation from applicants and should
entail less corrections resulting in faster
certification approvals.
HOTMA makes changes to Sections 3, 8, and 17
of the United States Housing Act of 1937.
Housing Choice Voucher, Section 8 PBRA,
Section 202/811 PRAC, 202/8, 202/162 PAC,
Senior Preservation Rental Assistance Contract
and Section 811 Project Rental Assistance
Demonstration will see changes. Because the
final release supersedes applicable sections of
the 4350.3 and Rev Proc-94-65, HOTMA will
also directly impact LIHTC, NHTF, and HOME.
The effective date for these changes is January 1, 2024, though a one year implementation date through January 1, 2025 may be given. Many HFAs are choosing or allowing these changes to be implemented as soon as January 1, 2024 and throughout 2024.
The changes are significant but the adjustment doesn't have to be. Let us show you what we do best.
Since early 2023, Preferred Compliance Solutions has been internally preparing for the changes HOTMA brings about. In addition to becoming experts on the 303-page Final Rule and 111-page Implementation
Guidance that outlines the over 50 income and asset changes, we have been surveying each HFA to obtain not only their effective date, but how they will implement each change. Compliance forms and calculation
sheets have been updated and created. Most importantly, our team of compliance experts have been training to ensure you can continue to
receive fast & reliable results, inclusive of all HOTMA changes.
