REAC EXTENSION GRANTED BY HUD FOR SOME MULTIFAMILY PROPERTY OWNERS

Thursday, March 26, 2009 - 8:00AM

Due to U.S. Department of Housing and Urban Development (HUD) infrastructure performance problems, multifamily property owners have experienced difficulties submitting their financial statements due March 30, 2009 (for owners with a fiscal year end on December 31, 2008). The Office of Multifamily Housing Programs, Office of Asset Management has authorized the Real Estate Assessment Center (REAC) to implement a blanket 30-day extension only for owners whose project fiscal year ends December 31, 2008. Owners/auditors should not request an extension in the Financial Assessment Sub System (FASS); the extension has been automatically implemented. The extended FASS due date is April 30, 2009.  HUD says owners who submit the financial statements on or before April 30 will not be referred to the Departmental Enforcement Center or be flagged in the Active Partners Performance System.

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