HUD. Ginnie Mae. Fair. Housing. Housing. Inspector General. Public and Indian. Housing. Center for Faith-Based Partnerships

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "HUD. Ginnie Mae. Fair. Housing. Housing. Inspector General. Public and Indian. Housing. Center for Faith-Based Partnerships"

Transcription

1

2 U.S. Department of Housing and Urban Development (HUD) 2 Ginnie Mae Public and Indian Housing Center for Faith-Based Partnerships Community Planning and Development HUD Inspector General Departmental Enforcement Center Housing Fair Housing

3 Office of Housing 3 Office of Housing Multifamily FHA Healthcare Section 8 Grants (202 & 811) Single Family Hospital Facilities (241) Residential Care (232) Preservation

4 HUD s Role in Housing 4 Insured Loans Sec 221(d)(3) Sec 221(d)(4) Sec 236 Sec 223(f) Sec 223(a)(7) Sec 232 Sec 241 Direct Loans Section 202 Capital Advances Sec 202 Sec811 Tenant Subsidy Section 8 Old contract New contract PRAC /SPRAC PAC

5 Project Operating Environment: Key Concepts 5 Owning Entity vs. Project Relationship between Owner & Agent? Services provided by Agent? Entity Cash vs. Project Operating Cash As the Insurer/Lender of the loan, HUD wishes to protect the bricks & mortar as well as project assets, both cash & non-cash.

6 Hierarchy of HUD Requirements 6 Regulatory Agreement Use Agreement Subsidy Contract HUD Program Handbooks Housing Notices Mortgagee Letters

7 Newest Regulatory Agreement 7 Latest is now 30 pages More Surplus Cash Changes Changes to R4R and Residual Receipts Other changes that may turn out to be more important than you think Copy of Borrower Regulatory Agreement Copy of Operator Regulatory Agreement

8 5 Surplus Cash Calculations/Methodologies 8 MF Old MF 2012 MF 2014 NH Old NH New

9 General Audit Guidance 9 Purpose Financial statement audit Compliance Audit Performed in accordance with GAGAS Retained auditor s judgment in the application of procedures All compliance areas must be addressed Auditor should perform procedures to ensure the procedures in guide are current

10 Use of the Guide for A Use Guide for programs not covered by a compliance supplement This is in accordance with guidance contained in Part 7 of the compliance supplement

11 Project Operating Environment 11 HUD Regulatory Agreement Entity Project Operating $ Sec. Dep. R4R Res. Rec. Rental Payments All Operations Billings Maintenance Operator

12 Protecting the Project (DEC Referral Flags) 12 Mortgage Status Reserve for Replacement Unauthorized Change in Project Ownership Disposal of Project Assets

13 Protecting Project Assets (DEC Referral Flags) 13 Distribution of Project Assets Loans from Project funds Underfunded Security Deposits Commingling of funds

14 Audited F/S REAC Financial Assessment Process The Entity Entered in FASS Validate Data Start here Or Meet with Entity (Is it over?) Attestation Field Office DEC Or FASS Analyst Assessments Produced Submit 2 REAC

15 FASS-MF 15 Review results: 43% of submissions are closed by the FASS system 19% of submissions are closed by REAC analysts 30% of submissions are referred to Multifamily Program Center 8% of submissions are referred to Departmental Enforcement Center

16 16

17 Most Popular Compliance Flags Unauthorized Distributions 2. Unauthorized Loans 3. Other Auditor Findings - Code Z 4. Failure to make R4R Deposits 5. Acquisition of Liabilities 6. Failure to make Residual Receipts Deposits 7. Underfunded Security Deposits

18 Field Office Review 18

19 Purpose of Field Office Review 19

20 Emphasis of Field Office Review 20

21 Security Deposits and Reserves 21

22 Payables, Receivables & Liabilities 22

23 Vacancies and Bad Debt 23

24 Miscellaneous Expenses 24

25 Cash Flow 25

26 Notes and Auditor s Reports 26

27 Audit Scope and Approach 27 Financial Statement Audit Sufficient to permit an expression of an opinion on the financial statements and the in-relation-to opinion on the supplemental information Follow GAAS and obtain a sufficient understanding of internal control to determine the nature, timing and extent of tests to be performed. At a minimum follow AU-C Section 315. GAGAS adds an internal control reporting requirement

28 Audit Scope and Approach 28 Compliance Audit Opinion on each major program $500,000 for Multifamily & Link to Always for Ginnie Mae and FHA lenders Internal control over compliance Demonstrate auditor s understanding and assessment of control risk for IC over compliance Should perform tests of controls regardless of assessment of control risk Results clearly stated in documentation

29 HUD Audit Guide Chapter 2 29 Hardcopy may be required by some program offices, primary multifamily reporting will be electronic Required content IPA Report on Financial Statements and Supplementary Data IPA Report on Internal Control and Compliance in Accordance with GAGAS IPA Report on Compliance on Each Major Program and Internal Control Over Compliance

30 HUD Audit Guide Chapter 2 30 Required Reports, con t Schedule of Findings, Questioned Costs and Recommendations Management Letter Schedule of Status of Prior Audit Findings, Questioned Costs and Recommendations Corrective Action Plan This probably means that a report reference must be made on the prior audit findings and CAP schedules?

31 IPA Report on Financial Statements 31 See Example Report Report now conforms to clarified audit standards We no longer refer to the IPA Report for Each Major Program and IC over Compliance as it is not a component of the financial audit

32 IPA Report for Yellowbook 32 These report requirements were previously combined in the report on IC and the major program report Focus on the financial statements only Must report significant deficiencies & material weaknesses in internal control over financial reporting, fraud and material noncompliance having a material effect on the AFS

33 IPA Report on Compliance 33 Limit of $500,000 (anything below this limit is not audited) Requires an opinion on compliance Must report on IC over compliance Sig Def & Material weaknesses must be identified in body of report Report findings with auditee response Example shows a table describing compliance areas tested. This is optional, however, AHACPA believes that it should be utilized

34 Schedule of Findings 34 Included regardless of finding status Now requires a positive statement that no findings were reported Arranged in two components: Corrective Action Not Started or in Process Corrective Action Completed Regardless of status, findings are to be included in all required components Should not delay report issuance to enable correction

35 Schedule of Findings, con t 35 Group project-based sample findings continue to be reported as before Required components: Numbered Questioned costs Information on Universe and Population Size Sample size info Number of instances of noncompliance Condition, Criteria, Cause, etc (Yellowbook Requirements) Effect or potential effect Recommendations Reporting Views of Responsible Officials

36 Management Letter 36 Used to report nonmaterial noncompliance, if required (Required for chapter 3) Not to be used for material noncompliance Auditor s report should refer to it Not to be used to report corrected material noncompliance

37 Schedule of Prior Audit Findings 37 Prepared by the auditee Address all findings in the prior year s finding schedule, including repayment of questioned costs Should include findings from audits, attestations, studies or reviews conducted by oversight agencies that directly relate to the current year under audit Requires a positive statement that no findings were reported

38 Corrective Action Plan 38 Prepared for each finding Separate from report package and views of responsible officials Follow example F Describe corrective action taken, including tasks and subtasks and dates for planned actions Auditee should express agreement or disagreement with finding and recommendations

39 Fraud and Equity Skimming 39 Willful misuse of any part of rent, assets, proceeds, income or other project funds Follow GAGAS First responsibility to governance. If they fail to communicate to external parties, auditor should report directly Auditors should communicate with Single Audit Coordinator

40 HUD Clarifies Notice Issued August 2013 Limited audited submission to entities expending more than $500,000 in federal awards Clarifies what constitutes federal awards

41 HUD Clarifies Notice , continued 41

42 REAC Template Changes May Schedule of Status of Prior Audit Findings fields changed as follows: S (Previous Findings Reference Number) & S (Report Period) eliminated S (Narrative) is renamed to Finding and configured as a text field Affect only profit-motivated/limited dividend entities

43 Validation Errors 43 To correct these errors, enter Not Applicable in S For NFPs the account to be populated as N/A is S

44 HOUSING NOTICE UPDATED GUIDELINES FOR CONTINUATION OF IRP AFTER REFINANCING DECOUPLING AS ALLOWED BY THE NATIONAL HOUSING ACT UNDER SECTION 236(E)(2)

45 Housing Notice Issued August 23, 2013 Updates procedures for continuation of IRP Subsidies at decoupling Applies to all M/F projects currently receiving IRP as well as 235 insured mortgages Include guidelines on refinancing or previously decoupled projects

46 2. Background 46 "SECTION 532 SECTION 236 ASSISTANCE. (a) CONTINUED RECEIPT OF SUBSIDIES UPON REFINANCING.- Section 236(e) of the National Housing Act (12 U.S.C. 1715z- 1(e)) is amended- A project for which interest reduction payments are made under this section and for which the mortgage on the project has been refinanced shall continue to receive the interest reduction payments under this section under the terms of the contract for such payments, but only if the project owner enters into such binding commitments as the Secretary may require (which shall be applicable to any subsequent owner) to ensure that the owner will continue to operate the project in accordance with all low-income affordability restrictions for the project in connection with the Federal assistance for the project for a period having a duration that is not less than the term for which such interest reduction payments are made plus an additional 5 years."

47 3. General 47 a. IRP paid after the refinancing is a general project-based assistance conditioned upon the multifamily meeting certain restrictions. HUD reserves the right to suspend or terminate the IRP if the project fails to meet the IRP conditions b. IRP subsidy may not exceed total established for original 236 mortgage monthly or annually

48 3. General, con t 48 c. Use agreement for low-income housing extends 5 years beyond the IRP term d. Assistance is paid to mortgagees to assist in debt service. IRP is not paid directly to owners. Acceptable public agency must provide oversight e. In a decoupling the 236 mortgage is prepaid and IRP continues for debt service. Nevertheless, basic 236 requirements must be maintained

49 3. General, con t 49 f. Rent Structure Must maintain Basic and Market rent payment standards. 236 rents and Section 8 rents may be different due to calculations in rent increases for basic rents and Section 8 adjustments. Owner must receive basic rent. Combination of basic rent and Sec 8 rent must be sufficient to operate project

50 3. General, con t 50 g. Section contract must be renewed with a 20-year term. Renewal must include the Preservation Exhibit

51 Eligibility Mortgagees May be financed by any agency not debarred by HUD 5. Mortgagors most likely nonprofit, limited dividend or coops 6. Projects Any 236 project is eligible 7. Tenant Participation Owner must post a copy of the Decoupling application

52 Application Procedures 52 July 1, 2013, HUD established a central processing model through OAHP OAHP coordinates with HUB May involve refinancing of existing debt or a sale and refinancing. Objective should be long-term rehab of project

53 10. Application Procedures, con t 53 Proposals must contain a. Sponsor b. General Project Description c. Financing/Leveraging Public dollars d. Continuing IRP Assistance e. Oversight agency f. Physical Improvements g. Affordability h. Tenant Protections

54 10. Application Procedures, con t 54 Proposal must contain, con t i. Describe required HUD approvals j. Sources and uses statement k. Disclosure of other assistance l. APPs procedures m. Additional information Preservationeligible projects terminating insurance is eligible for enhanced vouchers for unassisted tenants not receiving Sec 8 assistance (Notices, & 12-03)

55 11. Outstanding Debt 55 To extent financially feasible, all outstanding debt must be repaid. Deferrals must not be approved by HUB but forwarded to OAHP

56 12. Establishing Basic Rents 56 Establish Basic and Market rents Follow budget-based rent increase procedures Basic rent approvals follow chapter 7 After decoupling rent may not be lower than basic rent. Tenant may be less than basic rent if subsidy is available Restructuring costs must be reasonable

57 13. Allowable Distributions 57 Decoupling proposals may request limited dividend distribution increases. If new equity is brought in, the new distribution will be 6% of new equity less developer fees expected to be paid shortly after closing. Long-term fees to be paid from surplus cash count as equity Where no equity is brought in, the post transaction distribution will be based on a 10% return on 10% of new mortgage debt after decoupling

58 14. Additional Rent Issues 58 OAHP must ensure that income and expenses are same as mortgage application amended for final commitment Utilities ensure utility allowances are adequate Real estate taxes if no longer eligible fro property tax exemption, then include RE tax in budget Rental increases may not begin until rehab is complete IRP may only be paid for current debt service, so it may be suspended until full amortization begins

59 20. Use Agreement 59 A Decoupling transaction will require the execution and recordation of a Use Agreement that requires the project to be maintained and operated as a Section 236 low-income housing resource until the maturity date of the existing Section 236 mortgage plus an additional five (5) years. Further it will require restrictions imposed by other Federal Assistance to continue at least as long as the decoupling Use Agreement.

60 21. Hap Contract Renewal 60 If there is a Section 8 project-based HAP contract in place at the property, OAHP will ensure that the Owner executes a Renewal Contract with a 20-year term. The Owner and OAHP must mutually agree to terminate the existing HAP contract and execute a 20-year Renewal Contract, which includes the Preservation Exhibit. The term of the Renewal Contract must be equal to 20 years. The Preservation Exhibit must be completed to provide that upon expiration, the 20-year Renewal Contract shall automatically renew for an additional term at least equal to the number of years remaining on the existing HAP contract that is being terminated by mutual agreement of HUD and the Owner

61 30. Post Decoupling Monitoring 61 Owner agrees to continue all 236 characteristics (income limits, budgetbased rent increases, Basic and Market rent, etc.) Public Entity Oversight MOR reviews Fair Housing Budget-based rent increases Contact for tenant inquiries

62 30. Post Decoupling Monitoring, con t 62 Distributions are set in decoupling agreement Owner eligible to take surplus cash up to that amount Unpaid distributions accrue until surplus cash is available New distribution allowances do not affect rent

63 30. Post Decoupling Monitoring, con t 63 Resident Files Owners maintain files in accordance with 236 requirements Follow Handbook Special considerations for LIHTC projects: Owner should coordinate with PHA to get a copy of the in the tenants file. If obtained, owner is not required to complete the or an other 3 rd party verification For LIHTC the IRS requires a Tenant Income Certification be completed for each file. Owner may perform an interim recertification to align recertifications

64 30. Post Decoupling Monitoring, con t 64 Financial Statements File within 90 days in REAC File monthly excess income reports. Reports must be filed even though there is no excess income Owner may request retention of excess income Maintain compliance with Use Agreements

65 Refinancing Previously Decoupled Projects 65 OAHP may approve refinancing of previously decoupled projects Retain IRP New IRP Agreement extend to 5 years beyond the original 236 timeframe No rent increase due to refi 20 year HAP renewal Equity take-out ok if project needs are met Payment of developer fees from LIHTC proceeds ok Distributions not increased until expiration of IRP Debt Service equal to or greater than the continued IRP

Cross References: H 00-8; H 2011-31;

Cross References: H 00-8; H 2011-31; Special Attention of: Notice H 2013-25 Office of Affordable Housing Preservation All Multifamily Hub Directors Issued: August 23, 2013 All Multifamily Program Center Directors All Multifamily Mortgagors

More information

HUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities

HUD Update. Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities HUD Update Novogradac & Company Affordable Housing Preservation: Challenges and Opportunities Ritz Carlton South Beach Miami, FL January 12-13, 2012 Monica H. Sussman, Esq. Nixon Peabody LLP 401 9th Street,

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of All Multifamily Hub Directors Notice H 2011-05

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of All Multifamily Hub Directors Notice H 2013-02

More information

8.1 Subordinate Debt

8.1 Subordinate Debt 8.1 Subordinate Debt Table of Contents Page 8.1.1 Introduction... 1 8.1.2 Uses and Types of Subordinate Finance... 1 A. Uses... 1 B. Types... 2 8.1.3 Basic Terms and Conditions... 3 8.1.4 Required HUD

More information

Lesson 4: Tools for Preservation of FHA-Insured Properties

Lesson 4: Tools for Preservation of FHA-Insured Properties Lesson 4: Tools for Preservation of FHA-Insured Properties 1 Lesson 4: Objectives 2 Analyze the risks and benefits of recapitalization associated with the Section 236 Decoupling process. Explore the benefits

More information

Financial Statements and Independent Auditor s Report. DDC Foothills Home (A Colorado Nonprofit Corporation) FHA Project No. 101 HD023 NP PD DD

Financial Statements and Independent Auditor s Report. DDC Foothills Home (A Colorado Nonprofit Corporation) FHA Project No. 101 HD023 NP PD DD Financial Statements and Independent Auditor s Report DDC Foothills Home June 30, 2014 TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT 4 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 6 STATEMENT

More information

Real Estate Assessment Center. Summary of Financial Reporting and Auditing Guidance for HUD Multifamily Program Participants and Independent Auditors

Real Estate Assessment Center. Summary of Financial Reporting and Auditing Guidance for HUD Multifamily Program Participants and Independent Auditors Real Estate Assessment Center Summary of Financial Reporting and Auditing Guidance for HUD Multifamily Program Participants and Independent Auditors Table of Contents Real Estate Assessment Center... 1

More information

2000.04 REV-2 CHG-17 1-1

2000.04 REV-2 CHG-17 1-1 CHAPTER 1. GENERAL AUDIT GUIDANCE 1-1. Purpose. This audit guide is to assist the independent auditor (auditor) in performing audits of profit-motivated entities that are subject to the U.S. Department

More information

REPORTING REQUIREMENTS AND SAMPLE REPORTS

REPORTING REQUIREMENTS AND SAMPLE REPORTS 2000.04 REV-2 Change 13 CHAPTER 2 REPORTING REQUIREMENTS AND SAMPLE REPORTS 2-1 Background. This chapter discusses the reporting requirements that result from the performance of the financial statement

More information

Pontiac ILF Limited Dividend Housing Association Limited Partnership HUD Project No. 044-35621

Pontiac ILF Limited Dividend Housing Association Limited Partnership HUD Project No. 044-35621 Pontiac ILF Limited Dividend Housing Association Financial Report with Supplemental Information December 31, 2013 Certificate of Partners I certify that I have examined the attached financial statements

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub Directors Notice H 2012-25

More information

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2013 AND

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2013 AND FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2013 AND 2012 CONTENTS INDEPENDENT AUDITOR S REPORT ON THE FINANCIAL STATEMENTS 1-2 FINANCIAL STATEMENTS

More information

Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard

Welcome! Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard Welcome! HUD 202 refinancing: i Preserving multifamily il properties Presented by: Don Bernards, Partner Baker Tilly Brian Coate, Vice President Lancaster Pollard Ryan Miles, Vice President Lancaster Pollard

More information

ILLINOIS HOUSING DEVELOPMENT AUTHORITY FINANCIAL REPORTING GUIDELINES FOR MORTGAGORS OF MULTIFAMILY HOUSING PROJECTS

ILLINOIS HOUSING DEVELOPMENT AUTHORITY FINANCIAL REPORTING GUIDELINES FOR MORTGAGORS OF MULTIFAMILY HOUSING PROJECTS ILLINOIS HOUSING DEVELOPMENT AUTHORITY FINANCIAL REPORTING GUIDELINES FOR MORTGAGORS OF MULTIFAMILY HOUSING PROJECTS Rev 12/2012 TABLE OF CONTENTS Page I. Introduction 3 II. Accounting and Audit Requirements

More information

Consolidated Audit Guide for Audits of HUD Programs

Consolidated Audit Guide for Audits of HUD Programs Handbook 2000.04 REV-2 CHG-1 U.S. Department of Housing and Urban Development Office of Inspector General Independent Auditors December 2001 Consolidated Audit Guide for Audits of HUD Programs GA: Distribution:

More information

PRESERVATION OF SECTION 202 DIRECT LOAN PROPERTIES: KEY CONCEPTS

PRESERVATION OF SECTION 202 DIRECT LOAN PROPERTIES: KEY CONCEPTS PRESERVATION OF SECTION 202 DIRECT LOAN PROPERTIES: KEY CONCEPTS HUD Office of Multifamily Housing Programs Preservation Clinics V9.16.15 SECTION 202 DIRECT LOAN PROGRAM OVERVIEW Bishop Boardman Senior

More information

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM

NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM NEW YORK STATE HOMES AND COMMUNITY RENEWAL S MITCHELL-LAMA REHABILITATION AND PRESERVATION PROGRAM PROGRAM GOALS To offer flexible low cost financing to allow statefinanced Mitchell Lama rental properties

More information

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2014 AND

GENEVA HOUSE, INC. PROJECT NO. 034-11177 FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2014 AND FINANCIAL STATEMENTS WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2014 AND 2013 CONTENTS INDEPENDENT AUDITOR S REPORT 1-2 FINANCIAL STATEMENTS Statements of Financial Position

More information

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014

EHDOC Robert Sharp Towers II Limited Partnership (A Florida Limited Partnership) Financial Report October 31, 2014 EHDOC Robert Sharp Towers II Limited Partnership Financial Report October 31, 2014 Contents Independent Auditor's Report 1 Financial Statements Balance sheet 2 3 Statement of income 4 Statement of changes

More information

DEVELOPMENT COST CERTIFICATION AUDIT GUIDANCE

DEVELOPMENT COST CERTIFICATION AUDIT GUIDANCE CHAPTER 5. DEVELOPMENT COST CERTIFICATION AUDIT GUIDANCE 5-1 Program Objective. Multifamily projects are an integral part of the U.S. Department of Housing and Urban Development s (HUD) housing programs,

More information

REAL ESTATE PARTNERS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP)

REAL ESTATE PARTNERS LIMITED (A CALIFORNIA LIMITED PARTNERSHIP) (A CALIFORNIA LIMITED PARTNERSHIP) INDEPENDENT AUDITORS' REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1999 (A CALIFORNIA LIMITED PARTNERSHIP) TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS' REPORT 1 FINANCIAL

More information

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2009 AND

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2009 AND FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2009 AND 2008 FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31,

More information

SUBJECT: Updated Requirements for Prepayment and Refinance of Section 202 Direct Loans

SUBJECT: Updated Requirements for Prepayment and Refinance of Section 202 Direct Loans U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub Directors Notice H 2013-17

More information

Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily Mortgagees Issued: February 3, 2012 Expires: February 28, 2013

Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily Mortgagees Issued: February 3, 2012 Expires: February 28, 2013 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: NOTICE H 2012-1 All FHA Approved Multifamily

More information

Section 8 Contract Renewals And Rent Adjustments. Pennsylvania Multifamily Asset Managers

Section 8 Contract Renewals And Rent Adjustments. Pennsylvania Multifamily Asset Managers Section 8 Contract Renewals And Rent Adjustments Objectives 1. Renewals options available to property owners of expiring Section 8 contracts 2. Rent adjustment methods Multifamily Assisted Housing Reform

More information

If a Not-for-profit organization has an organizational audit, it should be submitted with the property audit.

If a Not-for-profit organization has an organizational audit, it should be submitted with the property audit. AUDIT REQUIREMENTS All WHEDA-financed & ARRA developments, unless notified previously, are required to submit an annual audited financial statement within 60 days of fiscal year end. If a Not-for-profit

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of All Multifamily Hub Directors Notice H 2012-3

More information

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2011 AND

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2011 AND FINANCIAL REPORT WITH SUPPLEMENTARY INFORMATION AND INDEPENDENT AUDITOR S REPORT DECEMBER 31, 2011 AND 2010 CONTENTS INDEPENDENT AUDITOR S REPORT ON THE FINANCIAL STATEMENTS 1-2 FINANCIAL STATEMENTS Statements

More information

LIST OF SUBSTANTIVE CHANGES AND ADDITIONS. PPC s Guide to HUD Audits. Twenty-first Edition (August 2014)

LIST OF SUBSTANTIVE CHANGES AND ADDITIONS. PPC s Guide to HUD Audits. Twenty-first Edition (August 2014) Route To: j Partners j Managers j Staff j File Tax & Accounting P.O. Box 966 Fort Worth, TX 76101-0966 Tel (817) 332-3709 (800) 431-9025 Fax (817) 877-3694 ppc.thomsonreuters.com LIST OF SUBSTANTIVE CHANGES

More information

2000.04 REV-2 CHG-19 4-1

2000.04 REV-2 CHG-19 4-1 CHAPTER 4. Mortgage Insurance for Hospitals Program 4-1. Background. This chapter contains the U.S. Department of Housing and Urban Development (HUD) requirements for conducting the annual financial audits

More information

Audited Financial Statements Handbook For Multifamily Rental Housing

Audited Financial Statements Handbook For Multifamily Rental Housing Audited Financial Statements Handbook For Multifamily Rental Housing California Department of Housing and Community Development California Housing Finance Agency Last Revised: March 2015 Foreword Hcd CalHFA

More information

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) NEW CONSTRUCTION or SUBSTANTIAL REHABILITATION Of RENTAL APARTMENTS Section 221(d) Family Apartments, all Areas Section 220 Family Apartments,

More information

OFFICE OF AUDIT REGION 9 LOS ANGELES, CA. Marina Village Apartments Sparks, NV. Section 221(d)(4) Multifamily Insurance Program

OFFICE OF AUDIT REGION 9 LOS ANGELES, CA. Marina Village Apartments Sparks, NV. Section 221(d)(4) Multifamily Insurance Program OFFICE OF AUDIT REGION 9 LOS ANGELES, CA Marina Village Apartments Sparks, NV Section 221(d)(4) Multifamily Insurance Program 2014-LA-1001 OCTOBER 24, 2013 Issue Date: October 24, 2013 Audit Report Number:

More information

BALANCE SHEET DATA Account Description Value Details Assets

BALANCE SHEET DATA Account Description Value Details Assets BALANCE SHEET DATA Account Description Value Details Assets 1120 Cash Operations 1121 Construction Cash Account 1125 Cash Entity 1130 Tenant/Member Accounts Receivable (Coops) 1131 Allowance for Doubtful

More information

San Francisco Multifamily Hub Asset Management: Tricks of the Trade. Western Mortgagee Advisory Council Conference April 24, 2014

San Francisco Multifamily Hub Asset Management: Tricks of the Trade. Western Mortgagee Advisory Council Conference April 24, 2014 San Francisco Multifamily Hub Asset Management: Tricks of the Trade Western Mortgagee Advisory Council Conference April 24, 2014 1 Introductions 1. Stephanie McFadden Managing Director, CBRE Capital Markets

More information

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT DECEMBER 31, 2007

GENEVA HOUSE, INC. PROJECT NO. 034-44815NP FINANCIAL REPORT DECEMBER 31, 2007 FINANCIAL REPORT DECEMBER 31, 2007 Bon & RITTER Web CERTIFIED PUBLIC ACCOINr,WTS AND CONSULTANTS Site: www.cpabr.com Board of Directors Geneva House, Inc. Scranton, Pennsylvania This letter is intended

More information

FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014

FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014 FHA TAX CREDIT PILOT LOAN COMMITTEE (PLC) GUIDE As Of February 2014 I. Background This document provides an overview of the responsibilities, procedures, composition and authority of the Tax Credit Pilot

More information

H.R. 3965 Mark-to-Market Extension and Enhancement Act of 2007

H.R. 3965 Mark-to-Market Extension and Enhancement Act of 2007 CONGRESSIONAL BUDGET OFFICE COST ESTIMATE November 30, 2007 H.R. 3965 Mark-to-Market Extension and Enhancement Act of 2007 As ordered reported by the House Committee on Financial Services on October 31,

More information

Multi-family Affordable. Becky Christoffersen, Midwest Housing Development Fund, Inc.

Multi-family Affordable. Becky Christoffersen, Midwest Housing Development Fund, Inc. Multi-family Affordable Housing Capital Solutions Becky Christoffersen, Midwest Housing Development Fund, Inc. Midwest Housing Development Fund, Inc. CDFI since 2000 Revolving loan fund Affordable Housing

More information

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas

Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Arkansas Development Finance Authority, a Component Unit of the State of Arkansas Combined Financial Statements and Additional Information for the Year Ended June 30, 2000, and Independent Auditors Report

More information

TRANSMITTAL Section 8 Renewal Policy Guide Book Issued: 4/17/2009

TRANSMITTAL Section 8 Renewal Policy Guide Book Issued: 4/17/2009 U.S. Department of Housing and Urban Development Office of Housing SPECIAL ATTENTION OF: Hub and Program Center Directors; Project Managers; PBCAs; Owners; and Management Agents TRANSMITTAL Section 8 Renewal

More information

VIRGINIA HOUSING DEVELOPMENT AUTHORITY MULTIFAMILY DIVISION MORTGAGOR/GRANTEE S AUDIT GUIDE

VIRGINIA HOUSING DEVELOPMENT AUTHORITY MULTIFAMILY DIVISION MORTGAGOR/GRANTEE S AUDIT GUIDE VIRGINIA HOUSING DEVELOPMENT AUTHORITY MULTIFAMILY DIVISION MORTGAGOR/GRANTEE S AUDIT GUIDE Control and Management of the Development As an inducement to the Virginia Housing Development Authority (VHDA)

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: Notice: H 2012-10 All Regional Directors,

More information

HUD Property Audits: A Property Manager s Perspective

HUD Property Audits: A Property Manager s Perspective HUD Property Audits: A Property Manager s Perspective How Best to Prepare / Common Findings in an Audit Objective This session will discuss HUD Property audits from a site manager s perspective covering:

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub Directors Notice H 2012-20

More information

At the forefront of affordable housing

At the forefront of affordable housing At the forefront of affordable housing At the forefront of affordable housing The intricate legal challenges that arise in connection with federally assisted housing can be difficult to unravel, but practical,

More information

Section 1. Overview of Relationships and Responsibilities

Section 1. Overview of Relationships and Responsibilities CHAPTER 1. INTRODUCTION TO COINSURED LOAN SERVICING 1-1. ORGANIZATION OF HANDBOOK. This Handbook sets forth HUD's requirements regarding owners' management, lenders' loan servicing and oversight and lenders'

More information

DELAWARE STATE HOUSING AUTHORITY AUDIT GUIDE. Address: 18 The Green Dover, DE 19901 Phone: 302-739-4263 Fax: 302-739-1117

DELAWARE STATE HOUSING AUTHORITY AUDIT GUIDE. Address: 18 The Green Dover, DE 19901 Phone: 302-739-4263 Fax: 302-739-1117 DELAWARE STATE HOUSING AUTHORITY AUDIT GUIDE Address: 18 The Green Dover, DE 19901 Phone: 302-739-4263 Fax: 302-739-1117 EFFECTIVE: DECEMBER 2004 FOR FISCAL YEARS ENDING ON OR AFTER 12/31/04 Foreword The

More information

Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability

Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability Community Investments Vol. 15, Issue 2 Ginnie Mae Project Loans Maintain Affordability August 2003 Introduction Multifamily mortgage-backed securities issued by Ginnie Mae offer investors the opportunity

More information

July 6, 2010 Mortgage Letter 2010-21. This Mortgagee Letter (ML) revises underwriting standards, policies and procedures for mortgage

July 6, 2010 Mortgage Letter 2010-21. This Mortgagee Letter (ML) revises underwriting standards, policies and procedures for mortgage U.S. DEPART M E NT O F H OUSING AND URBAN DE V E L OPM ENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER July 6, 2010 Mortgage Letter 2010-21 TO: All FHA-Approved

More information

Financial Statements December 31, 2014 and 2013 Josephine Commons, LLC

Financial Statements December 31, 2014 and 2013 Josephine Commons, LLC Financial Statements Josephine Commons, LLC www.eidebailly.com Table of Contents Independent Auditor s Report... 1 Financial Statements Balance Sheets... 3 Statements of Operations and Members Equity...

More information

AUDIT REPORT SAVANNAH TRACE APARTMENTS MULTIFAMILY EQUITY SKIMMING KALAMAZOO, MICHIGAN 2005-CH-1012 AUGUST 4, 2005

AUDIT REPORT SAVANNAH TRACE APARTMENTS MULTIFAMILY EQUITY SKIMMING KALAMAZOO, MICHIGAN 2005-CH-1012 AUGUST 4, 2005 AUDIT REPORT SAVANNAH TRACE APARTMENTS MULTIFAMILY EQUITY SKIMMING KALAMAZOO, MICHIGAN 2005-CH-1012 AUGUST 4, 2005 OFFICE OF AUDIT, REGION V CHICAGO, ILLINOIS Issue Date August 4, 2005 Audit Report Number

More information

HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster

HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS. September 2012 With gratitude to Kathleen Foster BASIC AFFORDABLE HOUSING FINANCE AND LOW-INCOME HOUSING TAX CREDITS September 2012 With gratitude to Kathleen Foster Public Housing Finance Today Conventional Public Housing Finance: Capital and operating

More information

MULTIFAMILY FINANCIAL REPORTING REVISIONS TABLE OF CONTENTS

MULTIFAMILY FINANCIAL REPORTING REVISIONS TABLE OF CONTENTS MULTIFAMILY FINANCIAL REPORTING REVISIONS TABLE OF CONTENTS OVERVIEW REAC CHART OF ACCOUNT REVISIONS SUPPLEMENTAL COMPLIANCE DATA REVISIONS FINANCIAL STATEMENT SUBMISSION REVISIONS APPENDIX NO. 1 SIDE-BY-SIDE

More information

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011

FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT FORE SILVER CREEK LIMITED PARTNERSHIP DECEMBER 31, 2011 TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT 3 FINANCIAL STATEMENTS BALANCE SHEET 4 STATEMENT

More information

Asset Management Outcomes Logic Model Outcomes Asset Management Outcomes Indicators Activities Timing Frequency Who is Accountable Financial Management Process Roles Other Relevant Persons Mission/Housing

More information

Billing Code 4210-67 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Docket No. FR-5876-N-02] Changes in Certain Multifamily Mortgage Insurance Premiums

Billing Code 4210-67 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. [Docket No. FR-5876-N-02] Changes in Certain Multifamily Mortgage Insurance Premiums This document is scheduled to be published in the Federal Register on 01/28/2016 and available online at http://federalregister.gov/a/2016-01511, and on FDsys.gov Billing Code 4210-67 DEPARTMENT OF HOUSING

More information

U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development U.S. Department of Housing and Urban Development Special Attention of Notice H 2010-11 All Multifamily Hub Directors All Program Center Directors All Project Managers Issued: July 6, 2010 All Field Office

More information

AUDIT GUIDE FOR SECTION 8 MULTI-UNIT HOUSING PROJECTS

AUDIT GUIDE FOR SECTION 8 MULTI-UNIT HOUSING PROJECTS AUDIT GUIDE FOR SECTION 8 MULTI-UNIT HOUSING PROJECTS Asset Performance Section 725 Summer Street, NE, Suite B Salem, Oregon 97301-1266 TABLE OF CONTENTS I. INTRODUCTION, PURPOSE AND USE OF AUDIT GUIDE...

More information

HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f)

HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f) HUD INSURED LOANS for ACQUISITION or REFINANCE of EXISTING OCCUPIED RENTAL APARTMENTS Section 223(f) and 202/223(f) ~ Multifamily Accelerated Processing ~ PROGRAM FEATURES Fixed-rate, level pay Non-recourse

More information

Canadian Council for International Co-operation Financial Statements March 31, 2011

Canadian Council for International Co-operation Financial Statements March 31, 2011 Canadian Council for International Co-operation Financial Statements Independent Auditor's Report 2-3 Financial Statements Financial Position 4 Revenues and Expenses 5 Changes in Net Assets 6 Cash Flows

More information

FHA Sections 220, 221 (d)(4) & 221 (d)(3)

FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA Sections 220, 221 (d)(4) & 221 (d)(3) FHA-Insured Financing for the New Construction or Substantial Rehabilitation Of Multifamily Rental Housing FHA Section 220 provides mortgage insurance for housing

More information

SUBMISSION AND REVIEW REQUIREMENTS & REMS CRITICAL DATA FIELDS FOR ANNUAL FINANCIAL STATEMENTS

SUBMISSION AND REVIEW REQUIREMENTS & REMS CRITICAL DATA FIELDS FOR ANNUAL FINANCIAL STATEMENTS SUBMISSION AND REVIEW REQUIREMENTS & REMS CRITICAL DATA FIELDS FOR ANNUAL FINANCIAL STATEMENTS 06/22/2004 1 SUBMISSION AND REVIEW REQUIREMENTS & REMS CRITICAL DATA FIELDS FOR ANNUAL FINANCIAL STATEMENTS

More information

Indiana Affordable Housing & Community Development Fund Application Process, Underwriting Guidelines, & Compliance Requirements

Indiana Affordable Housing & Community Development Fund Application Process, Underwriting Guidelines, & Compliance Requirements 2014 Indiana Affordable Housing & Community Development Fund Application Process, Underwriting Guidelines, & Compliance Requirements 30 South Meridian Street, Suite 1000 Indianapolis, Indiana 46204 317.232.7777(p)

More information

July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES. SUBJECT: Housing Tax Credit Coordination Act of 2008

July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES. SUBJECT: Housing Tax Credit Coordination Act of 2008 July 29, 2009 MORTGAGEE LETTER 2009-24 TO: ALL FHA-APPROVED MULTIFAMILY MORTGAGEES SUBJECT: Housing Tax Credit Coordination Act of 2008 On July 30, 2008, the Housing and Economic Development Recovery Act

More information

Tax Exempt Bond Financing For Affordable Housing Projects

Tax Exempt Bond Financing For Affordable Housing Projects Tax Exempt Bond Financing For Affordable Housing Projects April 9, 2015 Sujyot S. Patel Partner Dinsmore & Shohl LLP (513) 639-9256 Sujyot.patel@dinsmore.com Lewis Diaz Partner Dinsmore & Shohl LLP (513)

More information

HOME Investment Partnerships Program FAQs

HOME Investment Partnerships Program FAQs HOME Investment Partnerships Program FAQs Last Updated: April 25, 2016 Description: This document contains the HOME Investment Partnerships Program FAQs posted on the HUD Exchange website (https://www.hudexchange.info/home/).

More information

MORTGAGE BANKING TERMS

MORTGAGE BANKING TERMS MORTGAGE BANKING TERMS Acquisition cost: Add-on interest: In a HUD/FHA transaction, the price the borrower paid for the property plus any of the following costs: closing, repairs, or financing (except

More information

VENICE COMMUNITY HOUSING CORPORATION (A Nonprofit California Corporation) Consolidating Financial Statements (With Independent Auditors Report)

VENICE COMMUNITY HOUSING CORPORATION (A Nonprofit California Corporation) Consolidating Financial Statements (With Independent Auditors Report) Consolidating Financial Statements (With Independent Auditors Report) INDEPENDENT AUDITORS' REPORT The Board of Directors Venice Community Housing Corporation: We have audited the accompanying consolidated

More information

Independent Auditor s Report

Independent Auditor s Report Combined Financial Statements Christian Care Retirement Apartments, Inc. Christian Care Assisted Living (Phoenix), Inc. Christian Care Mesa, Inc. www.eidebailly.com Table of Contents Independent Auditor

More information

THE SOUTH FLORIDA CHURCH OF CHRIST, INC.

THE SOUTH FLORIDA CHURCH OF CHRIST, INC. THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS THE SOUTH FLORIDA CHURCH OF CHRIST, INC. FINANCIAL STATEMENTS TABLE OF CONTENTS PAGES Independent Auditor s Report 1 Statement of Financial

More information

Financial Statements. Young Women's Christian Association of Greater Toronto December 31, 2014

Financial Statements. Young Women's Christian Association of Greater Toronto December 31, 2014 Financial Statements Young Women's Christian Association of Greater Toronto INDEPENDENT AUDITORS' REPORT To the Members of Young Women's Christian Association of Greater Toronto REPORT ON THE FINANCIAL

More information

Mark-to-Market (M2M) Process. Office of Affordable Housing Preservation (OAHP)

Mark-to-Market (M2M) Process. Office of Affordable Housing Preservation (OAHP) Mark-to-Market (M2M) Process Office of Affordable Housing Preservation (OAHP) Goals of the M2M Program Social: Preservation of the Affordable Housing Stock Maintenance of Housing Quality Standards New

More information

Funding Programs: HUD Performance Funding System (operating subsidy for PHA) Private foundation operating grants

Funding Programs: HUD Performance Funding System (operating subsidy for PHA) Private foundation operating grants Funding Programs by Funding Tools Federal Funding Programs 1. Owner or participant investment - An investment of funds from agency operation or fees paid by a participant to offset the cost of providing

More information

Webinar Thursday, October 16, 2013 1:00 PM ET

Webinar Thursday, October 16, 2013 1:00 PM ET Webinar Thursday, October 16, 2013 1:00 PM ET Presented By: Anthony Luzzi, President Andrew J. Patykula, Senior Vice President Sims Mortgage Funding, Inc. Webinar Objectives: To introduce HUD s major mortgage

More information

State and Area Coordinators

State and Area Coordinators U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Office of Public and Indian Housing Special Attention of Notice PIH-2012-21 (HA) Public Housing Agencies administering Housing Choice Voucher Programs Public

More information

FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules

FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules FHA Section 542(c) Risk-Sharing Program for Multifamily Housing Program Rules Purpose Kentucky Housing Corporation (KHC) has partnered with HOPE of Kentucky, LLC, and the Community Reinvestment Fund, USA

More information

NALHFA Conference Federal Financing Bank-HUD Risk Sharing Program Financing. May 1, 2015

NALHFA Conference Federal Financing Bank-HUD Risk Sharing Program Financing. May 1, 2015 NALHFA Conference Federal Financing Bank-HUD Risk Sharing Program Financing May 1, 2015 Risk Sharing Program Overview Background: Section 542 of the Housing and Community Development Act of 1992 established

More information

U.S. Department of Housing and Urban Development Office of Multifamily Housing

U.S. Department of Housing and Urban Development Office of Multifamily Housing U.S. Department of Housing and Urban Development Office of Multifamily Housing RAD FHA Lenders Frequently Asked Questions Updated: January 2, 2015 I. Collateral A. Scattered sites. What is FHA s policy

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC Notice: H 10-22

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC Notice: H 10-22 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: All Multifamily Hub and Program Center Directors

More information

CHAPTER 24: SINGLE FAMILY, LEVEL PAYMENT POOLS AND LOAN PACKAGES SPECIAL REQUIREMENTS

CHAPTER 24: SINGLE FAMILY, LEVEL PAYMENT POOLS AND LOAN PACKAGES SPECIAL REQUIREMENTS 24-1: OVERVIEW OF CHAPTER 24-2: MORTGAGE ELIGIBILITY, POOL, AND LOAN PACKAGE REQUIREMENTS (A) Mortgage Eligibility Requirements This chapter describes special requirements that apply for a pool or loan

More information

U.S. Department of Housing and Urban Development

U.S. Department of Housing and Urban Development U.S. Department of Housing and Urban Development Special Attention of: Transmittal Handbook No.: Directors of Housing; CHG-1 Directors of Multifamily Issued: January 23, 1996 Housing Division; Asset Management

More information

OFFICE OF AUDIT REGION 3 PHILADELPHIA, PA. U.S. Department of Housing and Urban Development, Washington, DC. Home Equity Conversion Mortgage Program

OFFICE OF AUDIT REGION 3 PHILADELPHIA, PA. U.S. Department of Housing and Urban Development, Washington, DC. Home Equity Conversion Mortgage Program OFFICE OF AUDIT REGION 3 PHILADELPHIA, PA U.S. Department of Housing and Urban Development, Washington, DC Home Equity Conversion Mortgage Program 2014-PH-0001 SEPTEMBER 30, 2014 Issue Date: September

More information

Chapter 11. Lender Underwriting HUD Review. 11.1 Lender Underwriting

Chapter 11. Lender Underwriting HUD Review. 11.1 Lender Underwriting Lender Underwriting HUD Review 11.1 Lender Underwriting A. Pre-application. When a Lender is contemplating submitting a pre-application to HUD, the Lender should provide HUD immediately in writing the

More information

Section 232 New Construction and Substantial Rehabilitation. Section 223(f) for Refinance or Purchase of Existing Apartments

Section 232 New Construction and Substantial Rehabilitation. Section 223(f) for Refinance or Purchase of Existing Apartments Appendix 4 Application Requirements Checklist Table of Contents Appendix 4A 4B 4C 4D Title Sections 221(d)(3), 221(d)(4), and 220 New Construction and Substantial Rehabilitation Section 232 New Construction

More information

Walter Kreher, Director, Multifamily Program Center, 2FHM. Alexander C. Malloy, Regional Inspector General for Audit, 2AGA INTRODUCTION

Walter Kreher, Director, Multifamily Program Center, 2FHM. Alexander C. Malloy, Regional Inspector General for Audit, 2AGA INTRODUCTION Issue Date September 27, 2004 Audit Case Number 2004-NY-1005 TO: Walter Kreher, Director, Multifamily Program Center, 2FHM FROM: Alexander C. Malloy, Regional Inspector General for Audit, 2AGA SUBJECT:

More information

Office of Public and Indian Housing, Real Estate Assessment Center. Capital Fund Program Reporting ACCOUNTING BRIEF #15

Office of Public and Indian Housing, Real Estate Assessment Center. Capital Fund Program Reporting ACCOUNTING BRIEF #15 Office of Public and Indian Housing, Real Estate Assessment Center PIH-REAC: PHA-Finance Accounting Briefs Issued Date: August 2011 Capital Fund Program Reporting ACCOUNTING BRIEF #15 GOVERNING REGULATIONS

More information

Pensacola Habitat For Humanity, Inc. Pensacola, Florida. Audited Financial Statements. With Supplementary Information

Pensacola Habitat For Humanity, Inc. Pensacola, Florida. Audited Financial Statements. With Supplementary Information Pensacola, Florida Audited Financial Statements With Supplementary Information June 30, 2014 Pensacola, Florida Audited Financial Statements With Supplementary Information June 30, 2014 CONTENTS PAGE Independent

More information

F INANCIAL S TATEMENTS. Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report

F INANCIAL S TATEMENTS. Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report F INANCIAL S TATEMENTS Brazos Student Finance Corporation Year Ended June 30, 2014 With Independent Auditors Report Financial Statements Year Ended June 30, 2014 Contents Independent Auditors Report...1

More information

Independent Auditor s Report

Independent Auditor s Report Combined Financial Statements Christian Care Retirement Apartments, Inc. Christian Care Assisted Living (Phoenix), Inc. Christian Care Mesa, Inc. www.eidebailly.com Table of Contents Independent Auditor

More information

CHAPTER 11: LOAN RESTRUCTURING SECTION 1: ALLOWABLE TYPES OF RESTRUCTURING

CHAPTER 11: LOAN RESTRUCTURING SECTION 1: ALLOWABLE TYPES OF RESTRUCTURING 11.1 INTRODUCTION CHAPTER 11: LOAN RESTRUCTURING During the term of an Agency loan, borrowers may request Agency consent to restructure the loan for their project that will simplify the operation of the

More information

2. Low and Moderate Income and Other Affordable Housing Programs

2. Low and Moderate Income and Other Affordable Housing Programs This notice was modified on March 5, 2012. Department of Revenue Modification of Revenue Notice # 01-05: Mortgage Registry Tax Exemption for Mortgages that Secure Loans Made Under Qualifying Government

More information

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP)

FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) FHA INSURED LOANS ~ Multifamily Accelerated Processing (MAP) STREAMLINED REFINANCE Of EXISTING OCCUPIED RENTAL APARTMENTS with EXISTING FHA INSURED LOAN Section 223(a)(7) Family & Elderly Family Apartments

More information

PENNSYLVANIA HOUSING FINANCE AGENCY. FINANCIAL REPORTING MANUAL for Agency Financed Properties and Tax Credit Only Properties (no Agency Financing)

PENNSYLVANIA HOUSING FINANCE AGENCY. FINANCIAL REPORTING MANUAL for Agency Financed Properties and Tax Credit Only Properties (no Agency Financing) PENNSYLVANIA HOUSING FINANCE AGENCY FINANCIAL REPORTING MANUAL for Agency Financed Properties and Tax Credit Only Properties (no Agency Financing) Housing Management Division 211 North Front Street P.O.

More information

Special Attention of: Notice: H-2015-04

Special Attention of: Notice: H-2015-04 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of: Notice: H-2015-04 Multifamily Regional Center/Hub

More information

SECTION V COMPLIANCE MONITORING PROCEDURES

SECTION V COMPLIANCE MONITORING PROCEDURES SECTION V COMPLIANCE MONITORING PROCEDURES This section of the manual outlines CTCAC s procedures for monitoring all projects receiving credit. Monitoring is designed to determine if the owner is in compliance

More information

Notice PIH 99-14 (HA)

Notice PIH 99-14 (HA) U.S. Department of Housing and Urban Development Office of Public and Indian Housing Special Attention: State and Area Office Directors of Public Housing; Director, Section 8 Financial Management Center;

More information

Management Overview of the Department

Management Overview of the Department Management Overview of the Department 1 HUD S MISSION, VISION, GOALS, AND OBJECTIVES Mission As the Department embraces the new century, HUD s mission is to: Promote adequate and afdable housing, economic

More information

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000

U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WASHINGTON, DC 20410-8000 ASSISTANT SECRETARY FOR HOUSING- FEDERAL HOUSING COMMISSIONER Special Attention of Notice H 2011-36 All Multifamily Hub Directors

More information