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HUD RELEASES NOTICE ON RESERVE USAGE IN M2M PROJECTS
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On October 19, HUD released Housing Notice H 2011-30. This notice specifies special requirements governing the use of the Reserve for Replacements account that arise from the Mark-to-Market (M2M) property's debt and rents. It also provides additional guidance on the usage of the R4R account for such properties. In general, owners of M2M projects are required to utilize the R4R account and the primary source for capitalized expenses.
The Notice presents specific guidance indicating that operating income is to be restricted for use on normal operating expenses, including deposits to the R4R account and excluding the capital repairs and replacements specifically defined in the 20-year schedule and funded through the R4R account. The R4R account must therefore be the primary source for funding capital repairs and replacement items.
HUD will only consider the usage of operating funds to fund specific capital improvements or replacement or increase the monthly deposit if there is an unexpected event requiring expenditure form the R4R account.
See the notice for a complete understanding of the Notice and its implications. In short, it appears that HUD has no intention of reducing the reviews of repairs and maintenance and requiring the recalculation of surplus cash to increase restructuring note payments.
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Continuing Professional Education 2011 Schedule |
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Click here to register with a credit card - Regular registration
Click here to register with a credit card - AHACPA Member registration (member ID required)
Click here to download a printable registration form
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Course
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Date
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Fee
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CPE Hours
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Multifamily Update Course
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Varies
(see list below)
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$375*
$325* - AHACPA member
* add $25 for New York, Chicago & Boston
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8
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FHA Lender Update Course
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Varies
(see list below)
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$375*
$325* - AHACPA member
* add $25 for New York, Chicago & Boston
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8
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Multifamily Conference
Planet Hollywood
Las Vegas, NV
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December 6-7
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$625
$575 - AHACPA member
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16
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Multifamily and FHA Lender Update Course Dates & Locations |
| Hotel accommodations and parking are not included in the registration fee. Click here to get hotel reservation information for each venue. |
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Multifamily Update Course
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Date
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Location
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10/31/2011 -
Boston, MA
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Boston Marriott Copley Place, 110 Huntington Ave, Boston, MA 02116-5706. Parking fee per day is $35
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11/1/2011 -
Chicago, IL
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Chicago Marriott O'Hare, 8535 W Higgins Road, Chicago, IL 60631. Parking fee per day is $24
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11/7/2011 -
Columbus, OH
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Marriott Columbus Airport, 1375 North Cassady Avenue, Columbus, OH 43219. Parking is free.
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FHA Lender Update Course
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Date
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Location
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11/2/2011 -
Chicago, IL
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Chicago Marriott O'Hare, 8535 W Higgins Road, Chicago, IL 60631. Parking fee per day is $24
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11/8/2011 -
Columbus, OH
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Marriott Columbus Airport, 1375 North Cassady Avenue, Columbus, OH 43219. Parking is free.
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12/5/2011 -
Las Vegas, NV
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Planet Hollywood Resort, 3667 Las Vegas Blvd, South, Las Vegas, NV 89109.
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AHACPA is re gistered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org
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