Effective January 1, 2024 the updated HOTMA rules take affect. Below are some common questions that we have been receiving regarding the HOTMA update.
Question 1: “Are certifications effective 1/1/2024 expected to be HOTMA compliant at all Massachusetts LIHTC properties?”
Answer: No, but verifications sent out on or after January first are expected to incorporate HOTMA changes. A household that applied prior to 1/1/2024 will be considered eligible using pre-HOTMA standards.
Question 2: “I have an LIHTC property with no other encumbrances. Does the $100,000 asset cap apply to my applicants and tenants?”
Answer: No. Section 42 puts no limitations on assets.
Question 3: “Can I incorporate the HOTMA changes before 1/1/2024?”
Answer: Only if the household’s LIHTC initial eligibility date is 1/1/2024 or after. Do not apply it to recertifications effective prior to January 1, 2024.
Question 4: I have LIHTC properties in Massachusetts and I have more questions. Can I contact you?
Answer: Yes. We will do our best to help you understand the standards you will be expected to meet. Contact Edward Clark via email or phone.
