Status of Financial Filing Deadline Extensions

Published: 03/23/2020

Last week HUD announced a blanket 30-day extension for the filing of all REAC financial statements. That extension is automatic and does not require any action by the project. However, REAC has clarified that the extension DOES NOT EXTEND THE 60-day RESIDUAL RECEIPTS deposit requirement.
 
Rural Development – Contacts with Rural Development indicate that they DO NOT intend to issue a blanket 30-day extension of the filing deadline. They had previously instructed state offices to consider granting extensions due to the timing of the issuance of their 2019 audit guidance. They consider that COVID-19 related extensions would fit within the same guidance. PLEASE NOTEClients must request such extensions by contacting state RD officials.
 
Single Audit Extension – Later last week OMB issued memo M-20-17 which among other things, granted an automatic 6-month extension of the deadline for filing audited financial statements. This extension applies to all Uniform Guidance requirements for audited financial statements due through June 30, 2020.
 
FHA Lender Submissions – Conversations with LEAP management indicate that they have granted an automatic 30-day extension for all LEAP filings. These extensions were automatically placed in the lender’s LEAP recertification screen. Evidence of such extension can be found by each client by simply accessing the LEAP recertification page. Just note the new due date.
 
Ginnie Mae, Fannie Mae and Freddie Mac Filings – Detailed searches of the related web pages of these entities DID NOT reveal any evidence of a Covid-19 related extension. Emails to those entities requesting information about possible extension have not been responded to. If any response is forthcoming we will let you know.

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