On February 14, 2023, a final rule was published that revises HUD regulations to implement parts of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). The effective date of the HOTMA provisions is January 1, 2024. Owners may not implement these provisions prior to their effective dates. The Office of Multifamily Housing will be updating the Tenant Rental Assistance Certification System (TRACS) and HUD forms frequently used by owners/agents and HUD (e.g., Form HUD-50059, Form HUD-50059A, Form HUD-9887/9887A, Form HUD-9834, Model Leases, etc.), to conform with HOTMA’s requirements.
On September 29, 2023, HUD issued a Notice (H 2023-10) providing additional guidance to the implementation of HOTMA. In this notice, HUD indicated that, although the effective date remains January 1, 2024, implementation has been extended until December 31, 2024; however, certain policies must be updated by March 31, 2024. You may read this notice at the following link: