| ID | Status | Date | Public/Private | Industry | AHACPA Contact |
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| #6732 | Closed | public | Multifamily | Les Sparks |
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We have a client who will be closing on the sale of a project in the next couple weeks. It is a Section 8 only property. We know that Section 8 properties require a stub audit. However, since the project will NOT receive $500,000 or more in Section 8 from January 1, 2018 through closing, can the stub be a compilation/owner certified filing instead of an audit? Thank you for your input! |
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From Les Sparks: Not only is it possible, it is required. If the AFS contain < $500K in awards, they will be forced by the REAC template to be unaudited. Those AFS can be filed anytime after the closing. In theory they should be filed within 90 days of closing, however, there is no monitoring in place, so it can be filed anytime before March, 31, 2019. |
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