03/24/2020 Rural Development Extension

Published: 03/24/2020

Another question has arisen regarding a Rural Development extension. An extension was mentioned on the AICPA’s GAQC website last week. Apparently the Department of Agriculture announced that an extension was granted to Rural Development Rural Utility Service under 7 CFR part 1377. The question was whether this extension relates to Rural Development multifamily projects. We believe it did not apply.

However, this morning we received an email from RD indicating they will issue a blanket 30-day extension on the Annual Financial Statement deadline, to April 30, 2020. In addition, RD is extending the Lender’s Review of the property’s Audited Financial Statement by 30 days to May 31, 2020. At this time we do not have a link to this announcement.  We will post on our website when available.

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