| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #7230 | Closed | public | Multifamily | Les Sparks |
|
I have a client that has a mixed use 202 Capital Advance and Tax Credit Property. An audit is required for the Limited Partner and HUD. PPC shows and example report with Assisted Units and non-assisted units in columns in the supplemental information. My question is what information is submitted to REAC? Just the assisted? the property as a whole? or both (“project” and “consolidated”) |
|
|
From Les Sparks: Annette, the Regulatory agreement for the a mixed-use 202/811 clearly tells owners to track amounts between assisted and unassisted units separately. However, when it comes to the financial filing requirements it simply indicates “mortgaged property”. I have sent a request to REAC for a decision on this. We will see what they say. From Scott Loveday at HUD: I had this come up a week or two ago. It’s a little tough because audits are prepared on entities…not projects or parts of projects. My suggestion to the account executive that asked me about it was to have them do a consolidated submission. That works very well for an owner that has both HUD and non-HUD businesses. They submit a balance sheet, P&L, cash flows, etc. at the entity level, and then in supporting data they can submit separate statements that just relate to the HUD portion of the project. The notes and auditor reports are submitted at the entity level. The schedules of reserves, and computation of surplus cash are submitted at the HUD project level. Make sense?
|