Message of the Month

INCOME LIMITS FOR 2024 HAVE BEEN UPDATED! The FY 2024 Income limits have been posted and are effective 4/1/24. Please make sure to update your income limits. You can find the new limits on the following website: https://www.huduser.gov/portal/datasets/il.html

Please note that any Move In or Initial Certifications submitted, with an effective date of 4/1/24 or later, that has an incorrect income limit, will generate an Action 1 error that needs to be rectified with a correction within 45 days!

EPS traveled this past summer to do trainings on 203A and some of the HOTMA changes, as well.  We let everyone know that once the final specifications were out from HUD, we would update the Power Point presentation that was delivered on our website, as things kept changing.  During the sessions, we were literally changing slides the day of the presentations as more updates were coming.  EPS has been part of the HUD working group and has assisted in editing the MAT guide and writing changes to TRACS errors and the 50059 and 50059a Instructional with these changes, but the TRACS working group was disbanded by HUD and all materials were handed back over for their completion.  Unfortunately, we still do not have final specification documents for 203A and HOTMA.  The only thing we know with certainty at this point is that all certs that are effective 1/1/25 or later must be in 203A format or will fatal.  We will let you know as soon as HUD releases new information.

Extending HOTMA Compliance Date for Tenant Selection Plan and Enterprise Income Verification Policies & Procedures:The Office of Multifamily Housing Programs published a Housing Notice extending the HOTMA compliance date in Section 6.2 of Notice H 2023-10 for owners to update their Tenant Selection Plan (TSP) and Enterprise Income Verification (EIV) Policies and Procedures (P&P) from March 31, 2024, to May 31, 2024.  For questions regarding this notice, please contact MFH_HOTMA@hud.gov.

HOTMA: HUD released their Supplemental, Supplemental notice on 2/5/24.  We have never seen this done before, but with this second supplemental notice, HSG Notice 2023-10, HUD replaced the first supplemental notice with a new, modified HOTMA Notice.  We knew the second supplemental notice was supposed to be out, but we were very surprised to get a replacement versus a new notice.  

HSG Notice 2023-10 Implementation Guidance: Sections 102 and 104 of the Housing Opportunity Through Modernization Act of 2016 (HOTMA) (https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-10hsgn.pdf)still has the original Issue Date of 9/29/2023, but this updated Notice includes many revisions to HOTMA guidance then was in the original September notice. 

As far as passbook rate is concerned, the guidance is to use .06% for now.  Once site software is updated, it will change to the .40%, as well as all the other changes.