News

Update on Section 202/811 PRAC Recapture

February 2, 2016

Over the last few weeks, AHACPA has received numerous requests for an update on the status of HUD’s initiative to recapture residual receipts on expiring PRACs. Practitioners and their clients must make a determination on the accounting for amounts related to expiring contracts, specifically whether a loss should be reported […]

Clarification of HUD’s 30-day Extension Due to FAC Data Breach

October 30, 2015

UPDATE – HUD posted the following update regarding submission extensions. “Audit submissions due to the Federal Audit Clearinghouse between 7/22/2015 and 1/31/2016 have been granted extensions through February 1, 2016. Since the HUD audit attestation process references the submission of the OMB Data Collection Form, HUD is mirroring this extension […]

HUD Issues ANOTHER Global Extension for Multifamily Submissions with 6/30/2015 Fiscal Year Ends

October 27, 2015

Today (October 27, 2015) HUD posted another global extension for Multifamily Submissions.  The notice is as follows: Global Extension for Owners with 6/30/15 Fiscal Year Ends A recent security breach at the U.S. Department of Census has caused the Federal Audit Clearinghouse (FAC) to be taken down. As a result, […]

HUD Issues Global Extension for Multifamily Submissions with 6/30/2015 Fiscal Year Ends

September 17, 2015

Today (September 17, 2015), HUD granted an extension for 6/30/2015 year end multifamily submissions.  Currently, the notice is available on the User Alert page in the FASSUB system. HUD will post the announcement on the REAC website in the next couple of days.  The notice states: Global Extension for Owners […]

NEW Single Family Handbook Effective September 14, 2015

August 21, 2015

The September 14, 2015 effective date for most sections in FHA’s new Single Family Housing Policy Handbook (SF Handbook; HUD Handbook 4000.1) is fast approaching.  This includes the policies and procedures outlined in the published versions of the Doing Business with FHA—Lenders and Mortgagees; Origination through Post-Closing/Endorsement for Title II Forward Mortgages; Appraiser and Property […]

HUD Moves to Recapture Residual Receipts for Section 202/811 Projects

June 23, 2015

On June 19th HUD issued a memorandum to implement language from the Consolidated and Further Continuing Appropriations Act, 2015.  That Act contains language directing the Department to utilize residual receipts balances to support current  program purposes. Any excess greater than $250 per unit in a residual receipt account must be remitted […]

New Housing Notice on Physical Inspections with Failing Scores

March 2, 2015

Last week, HUD issued Housing Notice 2015-02.  The topic of the Notice is the “Required Actions for Multifamily Housing Projects Receiving Failing Scores from HUD’s Real Estate Assessment Center (REAC).” The Notice revises the required steps HUD must take in cases when a project receives a score of 59 or below on […]

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

March 2, 2015

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 […]

Final Guidance on Nursing Home Operator Financial Statements

October 15, 2014

HUD has issued final guidance on nursing home operator financial statements and extended the related filing deadline. The Office of Residential Care Facilities (ORCF) has issued guidance on the requirements for Section 232 operators to issue owner-certified financial statements quarterly and at year end. The Final Rule entitled “Federal Housing […]

HUD Releases 2014 Version of Multifamily Regulatory Agreement

September 11, 2014

HUD has posted to HUDClips a revised Regulatory Agreement (Form HUD-92466M).  The revised agreement updates the previous agreement released in late 2011.  This agreement is in the same format as the 2011 agreement and is indistinguishable in appearance with the exception of length.  The 2011 was 30 pages long, while the 2014 […]

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