LeadingAge and NLIHC, along with several other national partners, will co-host a national call on Monday, November 13, from 1 to 2 pm ET, to clarify HUD’s Asset Limit Implementation, which is a component of the “Housing Opportunity Through Modernization Act” (HOTMA). Collaborating partners on the call will include the Center on Budget and Policy Priorities, National Housing Law Project, Stewards of Affordable Housing for the Future, National Leased Housing Association, and National Affordable Housing Management Association. Register for the call here.
Recent modifications in HUD’s interpretation of HOTMA, which was enacted in 2016, and delayed implementation have created uncertainty and confusion surrounding new asset limits. Under the HOTMA statute, certain households would be disqualified from HUD-assisted housing if they have more than $100,000 in net family assets or own real property suitable for occupancy. The statute also makes clear that owners are allowed to adopt exemptions to this limit for current residents; however, HUD has stated it will require enforcement of the new asset limitations for both new and current residents, which would result in evictions for some older adults currently served by HUD programs.
The call will address issues surrounding HOTMA's implementation, clarify the new asset limits, and ensure that residents of HUD-assisted housing programs have accurate information about the impact of these changes. HUD officials will join the call to provide an overview of the recent changes and modifications to HOTMA's implementation and asset limits to and discuss owners’ and managers’ ability to opt out of asset limit implementation for currently assisted residents. Speakers will also discuss HUD’s forthcoming additional guidance and tools on asset limits.
Speakers for the call will include:
- Ethan Handelman, Deputy Assistant Secretary, Office of Multifamily Housing, HUD
- Jen Larson, Director, Office of Asset Management and Portfolio Oversight, Office of Multifamily Housing, HUD
Register for the call here.