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Feb. 6, 2024: HOTMA Changes Take Effect: What You Need to Know

Published by Michael J. Novogradac on Feb. 6, 2024, 9:56 a.m.

While the Housing Opportunities Through Modernization Act (HOTMA) was signed into law in 2016, most provisions of the legislation–which is intended to streamline administration and ease the burden of compliance for affordable rental housing, including that financed by low-income housing tax credit (LIHTC) equity–didn’t take effect until Jan. 1. In this week’s episode of Tax Credit Tuesday, Michael Novogradac, CPA, and Stephanie Naquin, Novogradac’s director of multifamily property compliance, discuss the provisions of HOTMA, including changes in how to calculate student financial aid and child support. They also discuss how HOTMA changes the imputation of income from assets and verification of tenant income before wrapping up with a look at how state agencies are implementing the new provisions.

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