The Real Estate Assessment Center (REAC) has issued three new updates for its Financial Assessment of Multifamily Housing (FASS-MF) system :
Global 30-day Extension for 12/31/13 Submissions
The Office of Housing has authorized a global 30-day extension to all owners with fiscal years ended 12/31/13. This extension is being offered to allow owners and auditors additional time to adapt to the requirements of Housing Notice H 2013-23, and the FASSUB system release on December 6, 2013, that implemented revisions to the HUD Consolidated Audit Guide, Handbook 2000.04. Submissions with fiscal years ended 12/31/13 will now be due on April 30, 2014.
Housing Notice H2013-23
Housing Notice H2013-23 was issued on August 8, 2013. This notice allows profit-motivated and limited distribution owners that receive less than $500,000 in federal financial assistance to submit owner-certified financial statements instead of audited financial statements. The FASSUB system is scheduled to be updated on February 14, 2014 to accommodate these submissions.
FASSUB System Release on December 6, 2013
REAC implemented a new release of the FASSUB system on December 6, 2013. New accounts were added to the submission templates to be in compliance with revisions to the HUD Consolidated Audit Guides, Handbook IG2000.04. The revised IG2000.04 requires additional accounts to be added to the Schedule of Findings and Questioned Costs and eliminates two auditor reports (Auditors Report on Non-major Programs and the Auditors Report on Affirmative Fair Housing).
To learn more about these updates and to access the new FASSUB System, please follow this link to the FASS-MF webpage.