News

Other HUD Guidance Related to COVID-19

March 24, 2020

HUD has issued COVID-19 guidance to all stakeholders in Multifamily, PHA, and FHA businesses. These documents cover day-to-day operating changes as a result of the outbreak. Each is in the form of a Q&A document. Many of these items have significant impact to the operation of the respective businesses. Multifamily […]

03/24/2020 Rural Development Extension

March 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 […]

03/24/2020 Lender Extensions

March 24, 2020

Yesterday both Fannie Mae and Freddie Mac extended their annual financial filing deadlines by 30 days. Further, one practitioner shared with us that NMLS Has elected NOT TO grant any extensions. https://sf.freddiemac.com/articles/news/guide-bulletin-2020-5-temporary-selling-guidance-related-to-covid-19 https://singlefamily.fanniemae.com/media/22316/display

COVID-19 and Status of June PHA Conference

March 23, 2020

AHACPA is having discussions with the Cosmopolitan Hotel regarding the cancellation of the June 2020 PHA conference. Conversations center on a subsequent rescheduling or a complete cancellation. It is also likely that we may provide an online version of the conference. Rest assured that if you already registered for the conference […]

Coronavirus and 2019 Financial Statement Disclosures

March 23, 2020

Coronavirus and 2019 Financial Statement Disclosures Over the last 2 weeks it has become apparent that the crisis surrounding the COVID-19 virus will have serious impacts to the economy of the U.S. Questions have arisen over the need to include a subsequent event footnote to 2019 financial statements. Given that […]

Status of Financial Filing Deadline Extensions

March 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 […]

Information on LEAP Submission Deadline Extension

March 13, 2020

LEAP has not made an official announcement regarding an extension to the electronic submission deadline. However, it appears that an extension has been generated within their system. Log into LEAP and look at the next recertification due date. This is a screenshot of what it looks like: To recap: There is a 30-day extension […]

Deadline Extension for Multifamily Submissions Due 3/31/2020

March 13, 2020

It is now March 13th. Yep, Friday the 13th. We hope everyone is staying safe and sane. It looks like “March Madness” may now be remembered just a little differently. While our hopes are for the safety of all of you out there, what you really want to know is […]

Course Schedule for 2020

March 9, 2020

How to Register: Click here to register online Click here for a printable registration form (use this when registering more than one person at the same time) or call 801-547-0809 AHACPA’s 2020 Course Schedule Multifamily 1-day Update: 09/17 – Nashville, TN 09/22 – Detroit, MI 09/23 – Boston, MA** 10/01 […]

ASC 958 and Capital Advances

March 9, 2020

There have also been several questions regarding the implications of ASC Topic 958 and its application to Capital Advance (202/811) projects. As a reminder, in June 2018 FASB issued ASU 2018-08 – Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made (Topic 958). The standard revises […]

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