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Monthly Operating Report

The Monthly Operating Report, as provided in Word format, must be submitted to the Agency no later than the 20th of the month following the month being reported on for those projects for which the New York State Housing Finance Agency, in its role as Mortgagee, has determined that such reporting is necessary. The purpose of this report is to assist the Agency in its monitoring of the financial health of multi-family projects that have been financed through the issuance of Housing Finance Agency tax-exempt and taxable bonds. A review of the form will show that it is a self-explanatory report of the project's cash receipts and disbursements. There is a Supplemental Data page that must be included with all submissions. The supplemental page covers rent arrears and outstanding payables.

Regulatory Agreements and Mortgages executed in conjunction with your HFA loan require projects to submit financial and other data in the form requested by the Agency. If your organization currently produces a monthly report that you believe would meet the Agency's needs, we will be glad to review the report and determine if it is an acceptable alternative to the Agency format. Please submit a copy of the report to the Asset Manager assigned to your loan.

Please provide explanations for any items reported on the "Other" lines. In addition, please submit a detailed explanation for any variance between actual and budgeted of 25% or more.

If complete and reliable reports are not submitted timely, the Agency will consider this an event of non-compliance with regulatory provisions of the loan documents.

If you have any questions regarding the report, please feel free to contact Kenneth Kelly, Director of Financial Operations, at (212) 688-4000 ext. 321.

Last updated: 11/14/2008 6:13:36 PM