Multifamily Questions

  • HUD REAC Error Code

    Les, I processed a handful of 30-day extension requests this week and all of them worked except for one.  I…

  • For Profit Financial Statement Exampe

    Dear Les and Kathy In the past you have had on the website a set of for profit financial statements…

  • Prepayment on early mortgage payoff

    If a HUD insured mortgage is refinanced with another HUD insured mortgage, must the early payoff fee on the original…

  • PPP Loan

    Good Morning Les, My client's management company received a PPP Loan during 2021 and distributed approximately $34,000 to the multifamily…

  • BRSPA Calculation

    Hi Les, We have 221(d)(4) project, we have issued our audited 92330. The lender is questioning couple of lines on…

  • PTET

    Hi Les, Has HUD released an official position on pass through entity taxes? I assume it would be considered an…

  • Status of new audit reports

    Hey, Les - I know the AICPA has issued the new audit guides for governmental and single audits, but we…

  • Operating funds before closing

    Hello, We are auditing a multifamily new construction project under 221(d)(4). Closing has not occurred. We are currently doing the…

  • single audit training request from member

    Next Tuesday for the single audit training could you include in the materials the current single audit peer review checklist…

  • Multifamily Extension with Grace Period

    Les, Facts-I have a NFP owner certified multifamily client with a 6/30/21 year end that owns four small fourplex's with…

  • Auditor’s Reports and Engagement Letters 12/31/21 after SAS 134

    Hello. I am just checking to see if you will have updated auditors' reports and engagement letters for 12/31/21 for…

  • Extra deposit to Replacement Reserves

    I have a client who deposited $40,000 extra into the replacement reserves at year-end to reduce surplus cash. Is there…

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