| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #7511 | Closed | public | Multifamily | Les Sparks |
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We are working with a couple projects that had residual receipts that were expected to be recaptured by HUD in 2015 but HUD never requested adjustments to the HAPs for the recapture amounts. The projects therefore did not adjust because they were of course hoping to keep the money if possible. Per my discussion with them the process in previous years has always been that HUD adjusted the HAPs and that those adjustments were mandated to them each month so if nothing was provided or adjusted by HUD then they did not make those adjustments themselves. Is this considered a finding since they did not remit the excess residual receipts in accordance with the HUD notice? Or does the liability just remain on the books for HUD to recapture in future years? |
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From Les Sparks: I would never give them a finding if they did not remit or that HUD did not ask for it. I know that appears to be bit of a conundrum. However, given the lack of consistent information on this matter, I would simply leave it as a liability until HUD give more guidance on this issue. |