HUD doesn't blink an eye at all if you get your submission in before the late notice is sent. It isn't marked late in HUD's system until the late notice email is sent out on the 11th after the deadline. The late notice states you have 30 days to submit your financial statements. After that you risk getting sent to DEC.
Multifamily Projects have a 10 day grace period followed by the 30 day letter as outlined in "Submission and Review Requirements & REMS Critical Data Fields for Annual Financial Statements":
Page 11 - V. Overdue Financial Statements
If an AFS is not received by the 10th day of the month following the AFS [Annual Financial Statement] due date, an e-mail letter is automatically sent to the owner's Secure System coordinator on the 11th day. The 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.
Once the AFS has been submitted, if within the grace period, the APPS flag will be removed.
See Also: Requesting an Extension
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