Quiz | HOTMA Part II
May 31, 2023
Have you heard about HOTMA? It is huge news for the affordable housing industry. This quiz will explore an additional half a dozen possible common myths that have already started growing about what HOTMA actually says. Check out last month's quiz for the first six.
Are the below true or false?
1. For HOME and public housing, the Earned Income Disregard will be applied to households who qualify for the first time until 2026.
TRUE or FALSE
2. Retirement accounts will no longer ever be counted as assets. They will be counted as periodic income once periodic withdrawals start to be made.
TRUE or FALSE
3. Interim adjustments for income-based HUD rent will not need to be conducted if the adjustment occurs 3 months or less before the household's anniversary date.
TRUE or FALSE
4. Interms will be necessary for HUD income-based rent when a household's gross annual income changes by 10% or more.
TRUE or FALSE
5. If a HOME or NHTF project has a household with tenant-based federal or state rental subsidies, the owner and PJ must accept the TBRA determination of household income for HOME or NHTF purposes.
TRUE or FALSE
Click on the image for more HOTMA information for LIHTC, HOME, & NHTF properties.
There is a very good chance that the topic of this post is covered in an online on-demand course at Costello University.
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