Financial Assessment of Multifamily Housing

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Over 20,000 Multifamily Housing Program participants are required to submit annual electronic financial statement data to HUD for assessing the financial condition of Multifamily housing projects.

   WHAT’S NEW

• USER ALERT UPDATE
  
  Changes in Fiscal Year End
  Changes in an owner's fiscal year end must be coordinated between the local project manager and REAC. Failure to coordinate these changes with REAC will result in erroneous annual financial statement (AFS) reporting periods. REAC must modify the 'From' date on the first AFS after a change of fiscal year. REAC must also override overdue tracking to prevent an erroneous referral to the Departmental Enforcement Center. For instructions please refer to the Office of Asset Management memorandum available on the REAC web-site at: http://www.hud.gov/utilities/intercept.cfm?/offices/reac/products/PDFs/finl_memo_2004_1a.pdf
  
  Warning Concerning Use of Multiple Browsers
  Having multiple Internet browsers open (e.g. having 2 Microsoft Internet Explorer windows open at the same time) while entering data into FASSUB templates may result in program errors. Having two browsers open while entering data sometimes causes certain accounts to disappear from the submission templates causing validation errors.
  
  Copy and Pasting Data Into FASSUB Templates
  Data may be copied and pasted from word processing software into FASSUB submission templates. It is recommended that users first paste the data into Microsoft WordPad and then paste it from WordPad into the FASSUB templates.
  
  
• Please check now! Submission of Annual Financial Statements
  For those owners with a 12/31 fiscal year-end, the time to submit your annual audited financial statements is quickly approaching - March 31, 2006.
  
  We strongly encourage you to ensure your user and coordinator passwords and user system access capabilities are up-to-date. Make February, the month to ensure any issues concerning password resets are addressed.
  
  Please verify your e-mail address in FASSUB, under User ID Maintenance. This will ensure that the owner/owner-designated coordinator receives correspondence timely. If you encounter any problems, contact: Technical Assistance Center (TAC): 1-888-245-4860. Thank you!
  
  
  
• Transfers of Ownership - Financial Reporting
  In a transfer of ownership, the old owner's (seller's) audit should cover the period from the beginning of the fiscal year through the day before the transfer. In most states ownership is legally transferred on the date the deed is signed. The new owner (buyer) is responsible for reporting from the date of the transfer through the end of the new owner's fiscal year.
  
  Under no circumstances should the seller's audit 'zero out' fixed assets, cash, or reserve accounts because the seller is responsible for reporting up to the day before the transfer. For additional information, please refer to the Office of Asset Management Memorandum dated 6/22/04 listed below under 'Important Update' and click on 'read more.
  

• Submission of Financial Statements (MF-FASS) Delayed by Hurricane Katrina
  Owners of multifamily properties who are required to file an annual financial statement (AFS) on or before September 30,2005, may request an extension of up to 30-days to file their AFS. This extension request must be submitted electronically to REAC via the Multifamily Financial Assessment Subsystem (MF-FASS). Owners making such a request should provide their FEMA application number as well as a brief statement explaining why the extension is necessary. The extension may be extended further if necessary, based on the particulars of the case, and upon another request through REAC/FASS.
  
  For additional information related to Multifamily Housing Guidance for Disaster Recovery, please visit the following link: http://www.hud.gov/offices/hsg/mfh/disasterguide.cfm
  
  
• MF-FASS offers a new M2M Link to OAHP (Office of Affordable Housing Preservation), formerly OMHAR. This site provides Q & A on accounting and auditing issues unique to Mark-to-Market (M2M) properties, an e-mail address for specific questions, and other useful information. Please click the link: http://www.hud.gov/offices/hsg/
  omhar/mhrowner.cfm
  
  
• Important Update: The Office of Asset Management has updated the 'Submission and Review Requirements and REMS Critical Data Fields for Annual Financial Statements (AFS). Read More