On
July 19, 2016, bill H.R. 3700, more commonly known as the Housing Opportunities
through Modernization Act of 2016 (“HOTMA”), was presented to President Obama
for signature after being unanimously approved by the U.S. Senate on July 14th.
First introduced in October 2015, the bipartisan bill previously passed in the
U.S. House of Representatives back in February of this year. Although HOTMA
touches on a variety of housing issues such as veteran’s assistance, rural
housing, and mortgage insurance, the bulk of the legislation deals with reforms
to the Section 8 housing choice voucher (“HCV”) program and public housing.
Some of HOTMA’s most notable proposed changes to the current HCV statute
include:
·
Extending
the length of project based voucher (“PBV”) initial contract or extension terms
from 15 to 20 years;
·
Adjusting
the total allowable number of PBV assisted units in a project to the greater of
25 units or 25% of all dwelling units;
·
Modifying
procedures to determine tenant income and tenant rents;
·
Allowing
greater flexibility in awarding and administering PBV contracts; and
·
Simplifying initial inspection procedures.
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