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Recently, Douglas Rice, special policy adviser at HUD, unveiled the latest updates to the Housing Opportunity Through Modernization Act of 2016 (HOTMA). Among the key changes, the new rule introduces an across-the-board increase in the standard deduction for all individuals. Moreover, it raises the threshold for public housing and Section 8 residents to claim additional medical expenses deductions.
This implementation, known as the Final Rule for Sections 102, 103, and 104 of HOTMA, brings several notable advantages to tenants while significantly easing administrative burdens for public housing agencies (PHAs), multifamily housing owners (MFH owners), and participating jurisdictions.
One of the primary benefits of this new rule is the reduction of paperwork and complexity surrounding medical deductions for eligible households. This streamlined approach ensures a more straightforward and accessible process for those seeking medical expense deductions.
Join this webinar on the latest updates on HOTMA regulations with industry expert Paul Flogstad to understand the positive impact of these regulatory changes on both tenants and housing authorities, fostering a more efficient and equitable system within the housing sector.
In this session, Paul will focus on a comprehensive examination of the proposed changes, particularly those related to seniors and individuals with disabilities. Specifically, Paul will delve into the adjustments that affect their ability to deduct a specified level of medical expenses from their income.
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