In accordance with the Regulatory Agreement or Use Agreement executed in conjunction with your New York State Housing Finance Agency (Agency) mortgage loan you are required to submit audited financial statements to this Agency. While HUD/REAC requires electronic submission of the annual financial statements, the Agency requires submission of an auditor-signed "hard copy" of the report. The Agency has adopted the HUD/REAC 90 days after year-end submission requirement.
Please ensure that your financial statements are prepared in accordance with HUD Handbook IG 2000.04 Rev. 2 Chg. 1 Consolidated Audit Guide for Audits of HUD Programs and the HUD Guidelines on Multifamily Housing Financial Reporting Revisions dated September 1, 1998 and January 26, 2000. Please share this memo with your auditors.
In addition, it should be noted that non-compliance with the reporting requirements of a Regulatory Agreement or Use Agreement could jeopardize subsidy payments to a project.
If there are any questions regarding this memo, project representatives and CPA firms should feel free to contact Kenneth Kelly, Director of Financial Operations-Housing Portfolio Management at (212) 688-4000, ext. 321.
Thank you for your cooperation in this matter.
Last updated: 11/14/2008 6:13:36 PM