Article | HOTMA Highlights | Checking ... Current Balance or 6 Month Average?
Oct 09, 2023
Summary Note | When HOTMA is effective, the value of a checking account will be based on the current balance (and one statement), not a 6-month average,
Details | According to the new HOTMA Implementation Notice, J.5.a, "When verification of assets is required, PHAs/MFH Owners are required to obtain a minimum of one statement that reflects the current balance of banking/financial accounts. MFH Owners were previously required to average the balance of six checking account statements to determine the cash value of a checking account."
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