Article | HOTMA Asset Self-Certification Form revised

After testing with members of the public who do not know housing rules, taking comments from our clients, and adjusting for HUD's February revision of the Joint HOTMA Implementation Notice, we have made some adjustments to our HOTMA asset form. After testing, we are treating this as a final version. It is our hope that this satisfies both the LIHTC and HUD self-certification rules relating to assets that do not exceed $50,000, or at least is a starting point as part of the application process (perhaps as the asset page of the application). Along with several other provisions, this incorporates in one page a way to manage the $50,000 non-necessary personal property rule, the $50,000 total net asset self-certification rule, and the tax return exclusion. Below is a list of some of the changes. 

1. We have added clarifications regarding foster and live-in aides.
2. Question #1 being "yes" or "no" created confusing with our testers because of potential double-negatives. We have simplified it to one check box. This tested far better.
3. To further help with the distinction between necessary and non-necessary personal property, we have added a non-necessary personal property item "Vehicles not used for regular transport. RVs, Campers, etc." Further clarification on the distinction between types of personal property is still necessary in the application process, but this hits a common item. Many of our clients are including the chart from HUD on the difference between the types of personal property in the application process leading up to completing this form or page.
4. Based on HUD's new guidance this month, we have moved the tax return question from the non-necessary personal property section to immediately before the final determination of net household assets. 

During the extensive test phase, we only provided the document as a PDF. However, to help those who may want to implement or adapt we are including the Microsoft Word version. We hope this is useful and are releasing this free of copyright, so feel free to use or adapt as needed.  

The Costello Team

PDF VERSION

MS WORD VERSION

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