REAC, LEAP, and the 2015 Deadline – No Deadline Relief

AHACPA has received various questions regarding the status of a potential deadline extension.  To the best of our knowledge, there will not be any relief from the 90-day deadline this year.  AHACPA recommends planning for a timely submission for both Multifamily and FHA-approved lenders.  However, based on phone calls from AHACPA members, we contacted REAC regarding weather issues in the Northeast.  They indicated that although there is no anticipated blanket extension, individuals affected by the severe weather may apply for extensions on a case by case basis.

We remind all multifamily users or REAC’s current policy guidance:

Submission and Review Requirements & REMS Critical Data Fields for Annual Financial Statements– page 12

V. Overdue Financial Statements

The overdue tracking module of FASS-MF is updated nightly. If an AFS is not received by the 10th day of the month following the AFS due date, an e-mail letter is automatically sent to the owner’s Secure System coordinator on the 11th day. This message informs the owner the AFS is overdue and that a noncompliance flag has been entered into APPS. It also advises the owner if the AFS is not received within the next 30 days (grace period), HUD will refer the owner to the DEC. If the owner does not submit the AFS within the 30-day grace period, the owner is referred to the DEC and a letter is sent to the owner announcing the referral.

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