Novogradac has resources available for private companies and nonprofits affected by Accounting Standards Codification (ASC) 842, which changed lease accounting standards. The change–which took effect Jan. 1 for fiscal years beginning after Dec. 15, 2021–affects the way certain contracts are accounted for under generally accepted accounting principles, particularly entities that are lessees. Rather than disclosing operating leases in notes to financial statements, but not on balance sheets, the new guidance requires lessees to record a right-of-use asset for the leased asset and a corresponding lease liability equal to the financial obligation over the lease term, as well as new disclosure requirements.
The U.S. Department of Housing and Urban Development (HUD) will publish in Tuesday’s Federal Register a request for information for input regarding the development of its Green and Resilient Retrofit Program (GRRP), which will receive $1 billion after its inclusion in the Inflation Reduction Act (IRA). The GRRP will provide grant and loan funding for facility retrofits of properties participating in HUD’s multifamily assisted housing programs, including Section 8, Section 202 and Section 811. HUD is seeking input on the GRRP program design features, energy-saving measures, low-emission technology and resilience design measures that have proven effective in multifamily buildings. Comments are due on or before Oct. 27.
The U.S. Department of Housing and Urban Development (HUD) will publish in Thursday’s Federal Register a final rule to change the method to determine jurisdictions’ compliance with the statutory 24-month commitment requirements on the use of HOME Investment Partnership program funds. The final rule implements a grant-specific method to determine compliance with requirements for the set-aside for community housing development organizations. The final rule also revises the method of administering program income to prevent jurisdictions from losing allocated HOME funds when they expend program income. This rule finalizes, without change, a Dec. 2, 2016, interim rule by HUD.
The U.S. Department of Housing and Urban Development (HUD) issued a mortgagee letter Sept. 7 concerning changes in the timing of surplus cash distribution from multifamily developments for nonassisted, HUD-insured properties from twice per year to as frequently as once per month. The changes in Mortgagee Letter 2022-16 only relate to properties with Federal Housing Administration (FHA)-insured mortgages, specifically excluding those receiving tenant rental assistance or HUD-held notes.
The U.S. Department of Housing and Urban Development (HUD) published Thursday its fair market rents (FMRs) for fiscal year 2023 (FY23) for the Housing Choice Voucher program, Moderate Rehabilitation Single Room Occupancy program and other HUD programs.
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