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This rulemaking is required by statute. The Housing Opportunity Through Modernization Act of 2016 (HOTMA) was signed into law on July 29, 2016 (Pub. L. 114201, 130 Stat.782), which made numerous changes to statutes governing the determination of household income in U.S. Department of Housing and Urban Development’s (HUD) programs.
RHS Multifamily Housing programs implemented under 7 CFR 3560, are required by the Housing Act of 1949 statute to be aligned with certain provisions of HOTMA in 24 CFR 5.609. HOTMA changed the requirements for determining household income and net family assets. Currently the RHS regulation found at 7 CFR 3560.153(a) requires that annual income be calculated in accordance with HUD’s regulation at 24 CFR 5.609, as required by the Housing Act 1949. The effective date of HOTMA was January 1, 2024, with a full compliance date not later than January 1, 2025. The Agency expects to publish a proposed rule and then a final rule. RHS will comply with the HOTMA requirements as required by the Housing Act of 1949. An Administrator’s Exception, under the authority granted in 7 CFR 3560.8, has been approved for RHS to exclude 24 CFR 5.609(c) from 7 CFR 3560.153(a) until the final rule is published.