| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
|---|---|---|---|---|---|
| #14388 | Closed | public | _General | Les Sparks |
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We have a client that has sold their 221 (d)(4) HUD insured property (No HAP). At close, the HUD insured loan was paid off, and the buyer bought with cash, so it is no longer a HUD insured property. Our question is this: Since the loan was paid off and the project is no longer a HUD insured property, is the seller still required to have audited financial prepared and submitted through the date of sale, since the project should now be out of HUD’s system. If so, in your experience, is HUD receptive to waivers of reporting requirements in these situations? Any insight would be appreciated. |
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Hi Bradley, A similar question has been answered in our FAQ. Please check out the answer here: https://ahacpa.org/faq/reporting-requirement-refi-hud-to-hud/. I believe this will help you. However, if you need further assistance, feel free to get back to me. Regards, |