Rural Development is announcing the latest timeline and guidance for the implementation of the Housing Opportunity Through Modernization Act (HOTMA) by Rural Development. This significant update will impact the Multifamily Housing (MFH) portfolio, ensuring better alignment with the U.S. Department of Housing and Urban Development (HUD) regulations.
Key Highlights:
Implementation Date: The compliance date has been extended to July 1, 2025, to align with HUD’s timeline.
Updated Forms: The new Form RD 3560-8 will be used for tenant certifications effective July 1, 2025.
Handbook Updates: Updates to Handbook 2-3560 will be delayed until January 2025.
Passbook Savings Rate: The rate will increase from 0.4% to 0.45% starting January 1, 2025.
This update is crucial for all stakeholders involved in the MFH sector. Stay informed and ensure compliance with the new regulations to continue providing excellent service to our communities.
For additional information on our affordable housing industry practice, click here.