President Obama Signs Housing Assistance Reform Bill into Law

On July 29, President Obama officially signed into law H.R. 3700, the Housing Opportunity Through Modernization Act (HOTMA). 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 program and Public Housing. The changes implemented by the new law won’t be effective until HUD publishes final regulations. The following are some of the changes to expect in the final regulations: