New Regulatory Agreement

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ID Status Date Public/Private Industry AHACPA Contact
#18579 Closed public Multifamily Les Sparks
Customer Reply

Hello,
We have a few clients that refinanced their 223f loan late 2022 and 2023. The new regulatory agreement allows them to make monthly distributions. Will there be a change in REAC to reflect this? Will we be required to submit the monthly calculations?
Also, if the annual calculation is negative the agreement says “to the extent Surplus Cash is negative, repay to Project-related accounts any Distributions taken during the fiscal year associated with the annual calculation of Surplus Cash referenced herein” Will they have to repay only the negative balance?
Any additional changes that we may be missing with this new agreement?
thanks!!! 
Les Sparks

Clara, the quick answer is no, there has not been any discussion. I have people talking about it, but no word yet.

 

On the remainder of your questions, the notice indicates that they will not have to submit those monthly calculations to REAC, however, you will have to review them. They also, only have to repay the amount that is negative. That is consistent with other programs that allow more frequent distributions.

 

By the way, is it possible for you to send me this new version of the Reg Agreement? WE cannot find on online.

 

Thank you.

 

Les Sparks
| 459 N 300 W #10 | Kaysville, UT 84037 | Phone: 801-547-0809
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From: Support <support@ahacpa.org>
Sent: Tuesday, August 22, 2023 1:51 PM
To: les@ahacpa.org
Subject: New Regulatory Agreement [NEW]

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