Effective for fiscal years ending on or after December 31, 2013, HUD multifamily housing projects with less than $500,000 in combined federal assistance will no longer be required to submit audited financial statements.

HUD Notice H 2013-23 issued on August 8, 2013, clarifies that these projects will only be required to submit owner certified financial statements through HUD’s Real Estate Assessment Center (REAC) system. These owner certified financial statements must be submitted in accordance with U.S. generally accepted accounting principles and will contain all supplementary schedules and information that the audited statements included, but do not have to be certified by a public accounting firm or contain any auditor’s reports.

This change will affect over 2,100 projects and creates fairness and consistency with the audit requirements for not-for-profit projects that comply with OMB Circular A-133. HUD believes the cost savings annually could be up to $10,000 and anticipates these savings will be used towards additional maintenance, operating costs, or owner distributions.

If you have questions or need assistance with submission of owner certified financial statements, McKonly & Asbury would be happy to help. Contact Jennifer Keller at [email protected] or (717)761-7910.

The United States Department of Housing and Urban Development (HUD) announced that it has granted a 30-day extension for all multifamily submissions for the year ended December 31, 2010. HUD has also announced that their system will be offline for maintenance from April 29 - May 2, 2011. All electronic submissions for the fiscal year ended December 31, 2010 should be completed prior to April 29, 2011.

The Department of Housing and Urban Development (HUD) released the 2010 Notice of Funds Available (NOFA) for Section 202 funds this month. This NOFA provides approximately $371 million in capital advance funds. Nonprofit organizations can apply for these funds to develop housing for very low-income seniors. The deadline for application submission is June 1, 2011. Visit HUD's web-site for additional details about this program.

The U.S. Department of Housing and Urban Development (HUD) has issued an extension of their electronic filing deadline for December 31, 2009 year end multifamily housing project audits until April 30, 2010. The extension is due to “infrastructure performance problems” at HUD.

The Department of Housing and Urban Development (HUD) released the much anticipated 2009 Notice of Funds Available (NOFA) for Section 202 and Section 811 funds along with the 2009 NOFAs for the Service Coordinator and Assisted Living Conversion Programs.  The deadlines for application submissions are as follows:

Section 202 Supportive Housing for the Elderly   November 13, 2009
Section 811 Supportive Housing for Persons with Disabilities November 16, 2009
Assisted Living Conversion Program  November 5, 2009
Service Coordinators in Multifamily Housing   November 5, 2009

See HUD’s web-site for additional details about these programs.