How to Avoid Costly Errors with Affordable Housing Projects
Significant changes within the multifamily housing sector will soon take place. The Housing Opportunity Through Modernization Act (HOTMA) was finalized earlier this year by the Department of Housing and Urban Development, and the new requirements go into effect Jan. 1, 2024.
HOTMA will impact many affordable housing programs, including the Low-Income Housing Tax Credit (LIHTC). Some of the more notable changes pertain to income calculation, net family assets and income reviews.
“HOTMA changes will impact how we process tenant qualifications for the LIHTC program,” said Missy Covington, vice president of compliance for Raymond James Affordable Housing Investments. “For LIHTC professionals, it is critical to understand these changes in order to effectively adapt our policies and procedures to maintain compliance and manage tax credit risks.”
To educate members and have them enter the HOTMA era with confidence, NAHB will host a 90-minute webinar on Dec. 6 called “Avoid Costly Errors Prepare for HOTMA – LIHTC Edition.” Covington will lead discussions along with Scott Michael Dunn, CEO and owner of Costello Compliance.
The course qualifies for 1.5 hours of continuing education credits with NAHB.
Avoid Costly Errors: Prepare for HOTMA – LIHTC Edition
Wednesday, Dec. 6 | 2-3:30 p.m. ET