The Department of Housing and Urban Development (HUD) issued Notice H 2023-10 in September 2023 outlining the implementation of Sections 102 and 104 of the Housing Opportunity Through Modernization Act (HOTMA). Importantly, the Notice established a delayed compliance date of January 1, 2025, for Multifamily Housing providers, which LeadingAge requested.

While the Notice provided key information and timelines, the guidance also included technical errors and provided only a placeholder for additional guidance on new asset limits. HUD reissued Notice H 2023-10 to make technical corrections, provide necessary clarity, and replace the asset limit guidance placeholder with HUD’s new asset restriction policy. The implementation timeline is maintained within the reissued Notice.

Following strong advocacy by LeadingAge, HUD’s updated guidance allows owners to adopt a total non-enforcement policy of the new HOTMA asset limitations for currently served residents. Download the resource below for a deep dive on the asset limits and discretionary enforcement options.