| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #6609 | Closed | public | Multifamily | Les Sparks |
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We have a FYE 12/31/2015 PHA client with Low Rent Housing/Capital Fund program that also had a N/C S/R Section 8 Program. The Section 8 was converted to Multifamily Housing for reporting on July 1, 2014. We are working with them to complete a 2014 mid-year FASSUB Owner Certified submission for 07/01/14 – 12/31/14. Our strength is in REAC PHA submissions. We have only a couple Multifamily Housing clients. For Beginning Balance equity data and fixed asset data, should we start with zero values or pick up the mid-year balance sheet values as of 06/30/2014 in the FASSUB submission? |
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From Les Sparks: Ttypically multifamily submissions do not start with zero balances. That is because they report from the date the deed is signed, or in this case to what I believe is a new entity. The trigger for everything is the TIN was this a new TIN in a single-asset entity or just the conversion of the old TIN to multifamily? Almost all of these transaction show the balance sheet on day one of reporting. I have attached the guidance that HUD has published. All that we need to do is answer that first question above. From client: The TIN remained the same. It’s a conversion of the OLD TIN to multifamily and only the Section 8 program. The Low Rent Public Housing and Capital Fund Program will continue to report under FASSPHA. From Les Sparks: Then it should start with all of its assets already there. |