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Blog Dated [ 2024-08-30 ]
USDA/RD released an Unnumbered Letter ( UL ) on August 19, 2024 which provides an overview of tenant income and asset calculation changes due to HOTMA and a projected Agency timeline of the upcoming changes related to HOTMA. A PDF file copy of this document is available on our RD RELATED DOWNLOADS page. RD's implementation of HOTMA related changes will follow the projected timeline below ...
September 2024 - RD will provide updated MINC Industry Interface XML file specifications for software providers ( including FHA Software ). New specifications will be posted on the MINC home page.
October 2024 - RD will publish an updated RD 3560-8 Tenant Certification. The updated Form will allow for the changes to asset calculations, adjusted income ( deductions), as well additional options for Gender ( previously Sex ). The updated Form must be used for all tenant certifications effective on or after January 1, 2025.
January 2025 - Multifamily Information System ( MFIS ) and MINC Systems will be updated to correctly account for HOTMA related asset, deduction and gender changes.
Shortly after both MINC/XML file specifications and updated RD 3560-8 Tenant Certification form have been provided, an FHA Software update will be made available which includes MINC/HOTMA related compliance. .. DT