The U.S. Department of Housing and Urban Development (HUD) has announced a new rule implementing parts of the Housing Opportunity Through Modernization Act of 2016 (HOTMA). The announcement was made by Principal Deputy Assistant Secretary for Public and Indian Housing Richard J. Monocchio in DeKalb County, Georgia.
"HUD is meeting the moment to address the Nation’s affordable housing supply shortage. This Final Rule comprehensively modernizes our voucher programs to meet the needs of housing providers and deliver greater support for tenants," said HUD Acting Secretary Adrianne Todman.
The Housing Choice Voucher (HCV) and Project-Based Voucher (PBV) programs aim to help communities preserve and expand affordable housing for low-income families, reducing regulatory burdens on Public Housing Agencies (PHAs). These programs provide PHAs with tools to support activities that preserve and expand affordable housing.
"These policy reforms help preserve and expand housing supply in our communities by making development actions easier and more flexible for housing agencies," said Principal Deputy Assistant Secretary for Public and Indian Housing, Richard J. Monocchio.
The HOTMA Final Rule enhances and reduces barriers in the HCV and PBV Program, vital for communities to increase affordable housing supply. PHAs can opt to tie long-term federal PBV rental assistance to specific units or developments rather than to a tenant, allowing project owners to secure additional financing by leveraging the PBV assistance.
The rule supports national and local strategies to rapidly increase affordable housing supply while ensuring families can lease safe and sanitary units with voucher assistance. Updates include allowing PBV assistance with manufactured housing, establishing local project-specific waiting lists, codifying important tenant protections, and providing PHAs with more flexibility to increase rents.
