Quiz | Rural Development and HOTMA
Feb 29, 2024
As we move into the HOTMA era, one Agency affected by HOTMA was silent. Rural Development has now issued guidance on how HOTMA will affect RD properties. This quiz focuses on issues likely to have the biggest impact on the operation of RD affordable housing.
1. Which of the following HOTMA provisions apply to RD properties?
A. De minimus errors.
B. Income exclusions.
C. Adjusted income.
D. Asset exclusions.
2. RD is adopting HOTMA's requirement to conduct an interim when household income changes by 10%.
True or False
3. LIHTC and HUD income determinations will not be allowable for RD use.
True or False
4. Which of the following portions of HOTMA at 24 CFR do not apply to RD?
A. 5.609 (a) Income inclusions
B. 5.609 (b) Income exclusions
C. 5.609 (c) Interim thresholds and other rules
D. 5.611 Adjusted income
5. RD will not allow the every-three-year streamlined income verification process.
True or False
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