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OHFA Housing Opportunity Through Modernization Act of 2016 (HOTMA) Guidance

Background

The Ohio Housing Finance Agency (OHFA) like all other housing finance agencies (HFAs) has been waiting for the U.S. Department of Housing and Urban Development (HUD) to release guidance on when and how to implement the HOTMA final rule since it was officially published on February 14, 2023.


OHFA's Guidance

HUD issued a delay in HOTMA implementation for sections 102 and 104 through Notice H 2023.10/ PIH 2023-27 on September 29, 2023. In this notice, HUD instructed owners must bring their programs into compliance with the HOTMA final rule as quickly as possible, but no later than January 1, 2025. Compliance means administering all aspects of the affected programs in accordance with the HOTMA final rule.

In the absence of IRS guidance, OHFA will implement the HOTMA final rule changes as outlined in Notice PIH 2023-27 for all OHFA-funded projects. OHFA will make any necessary changes in the event formal guidance is released from the IRS.

All move-in certifications and recertifications effective prior to January 1, 2025, should be conducted using pre-HOTMA rules for OHFA-funded projects or until the owner's software is HOTMA compliant. However, OHFA will not prohibit owners from implementing all or parts of the HOTMA rule prior to 2025.

  • If an owner decides to implement some of the HOTMA final rule (i.e., hybrid approach) regarding income and asset calculations (Sections 102 and 104) prior to January 1, 2025, an OHFA clarification record must be placed in the tenant file explaining which parts of the HOTMA final rule were used to certify the tenant.
  • If an owner decides to implement all of the HOTMA final rules prior to January 1, 2025, an OHFA clarification record must be placed in the tenant file stating certification was conducted using HOTMA final rules.

Importantly, OHFA will not enforce HOTMA-related file errors (i.e., will not issue 8823's) discovered prior to January 1, 2025.


Costello Hybrid HOTMA Training Sponsored by OHFA & OCCH

The Ohio Housing Finance Agency (OHFA) and Ohio Capital Corporation for Housing (OCCH) are proud to sponsor a Costello University hybrid online on-demand/live webinar training series on the Housing Opportunity Through Modernization Act of 2016 or HOTMA.

Costello is offering a unique training delivery method that combines the convenience of 12 weeks of on-demand lessons that you take when and where you want with live webinar Q&A sessions to get the benefit of live interaction with Costello's trainers and fellow attendees. In addition to being consultants, all Costello University staff members are also property managers for Costello Property Management with several thousand HOTMA-affected units. They have found real-world solutions to the challenges the industry faces. OHFA and OCCH staff participated in the pilot run and LOVED the course.

This series is being offered for $199 - $100 off the regular rate. For more information, visit Costello's website or register now! Contact Betsy Krieger with questions or registration issues.


HOTMA Resources


Webinars from HUD on HOTMA Related Topics