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Electronic Filing Deadline Extended for MULTIFAMILY
Today HUD announced a blanket 30 day extension for Multifamily projects with a 12/31/2009 year end. For now the only way to view this announcement is to log on to HUD's online systems and then click on the FASSUB link.
Due to HUD
infrastructure performance problems, MF property owners have experienced
difficulties submitting their financial statements due on March 30, 2010 (for
owners with a fiscal year end of 12/31). The Office of Multifamily Housing
Programs, Office of Asset Management, has authorized REAC to implement a
blanket 30 day extension for owners whose project fiscal year ends 12/31/2009
only. Owners/auditors should not request an extension in FASS; the extension
has been automatically implemented. The extended FASS due date is 04/30/2010.
Owners who submit the financial statements on or before 4/30/2010 will not be
referred to the Departmental Enforcement Center or be flagged in the Active
Partners Performance System.
Q. Does this apply to lenders/brokers/mortgagees too?
A. See information below regarding HUD-approved lenders
Q. Does this apply to PHAs?
A. No. We have not heard any news about PHA extensions. If we hear any information on PHA extensions we will post that information on our Announcements Page.
Q. What do I have to do to get this extension?
A. Nothing. It is automatic for all Multifamily entities with a 12/31/2009 year end.
Q. What if I have questions about this?
A. AHACPA will keep our Announcements Page updated with the latest information. If you have a question just click on the "comments" link in the bottom right hand corner of the announcement box and post your question there.
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Clarification on Extensions for FHA Submissions
On March 5th HUD announced that it
was giving an automatic extension of 30 days for loan correspondents to file their audit, awaiting the Final
Rule governing approval of loan correspondents to be issued. Phone calls
to LASS confirmed that the automatic extension is for LOAN CORRESPONDENTS
ONLY. Non-supervised lenders must still file within the 90-day deadline, which
for this year is March 31st. Loan correspondents are still to complete
their submission of the Annual Certification (V-form) and renewal fee
by March 31st.
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Agenda and speakers will be announced in a few weeks.
Date: June 10-11, 2010.
Location: Planet Hollywood Resort & Casino, Las Vegas
Course Registration: Click Here
Room Reservations: We
have reserved a block of rooms. The room rate for June 9 - 10 is $99.
The rate for June 11 is $119. To make a reservation call
866-317-1829. Reservations must be made by Monday, May 10 to received
the group rate.
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