The HOME Final Rule is out. After the comment period on the proposed regulations closed in 2024, the industry eagerly awaited the final product. Today HUD has announced the release and issued a draft pending final publishing in the Federal Register. The Federal Register webpage for the final rule is HERE. 

The document is over 500 pages long, but we will update our readers as soon as we digest all the changes! Some early observations:

• HUD has NOT extended the notice to evict to 60 days as originally proposed. The 30-day notice required by HOME statute continues to apply.
• When a family receives rental assistance, whether tenant- or project-based, the other program rent is acceptable for HOME. The HOME Low and High rents do not apply. This is an improvement over the proposed rules that would have required the tenant portion of the rent to be capped at the HOME rent limits.  
• LIHTC rents are acceptable for low HOME units. This removes the Low HOME cap on LIHTC units that are Low HOME.
• HOME is incorporating the HOTMA safe harbors for other means-tested programs, such as TANF and the LIHTC. This is a change of policy from past-stated CPD intent. It allows for better alignment with other housing programs implementing HOTMA. 

More to come...

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