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What's New
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February 23, 2009: The 2009 M2M and DEMO Accounting
Q&As are now available. |
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Owners
of properties with expiring Section 8 contracts initiate the Mark- to- Market
process when they request a Section 8 contract renewal and select options
in accordance with
the Section
8 Renewal Policy Guide Book 120 days before Section 8 contract expires.
The
owner notifies the HUD Multifamily Program Center or Hub of their renewal selection.
Owners
with questions about the status of their M2M properties may e-mail us at m2minfo@hud.gov
or refer to OAHP's status reports: PDF
format or Excel spreadsheet.
Post
M2M and DEMO Accounting and Audit Questions - General
Filing Questions:
Owners and accountants with questions related to technical aspects of filing AFS
using HUD's FASS should refer to the Real
Estate Assessment Center (REAC) website - FASS. That site includes contact
information for REAC staff and a toll free number for the FASS Technical Assistance
Center.
- Questions
unique to M2M and DEMO properties: In response to questions from owners and
accountants of previously restructured properties, OAHP has issued accounting
letters annually to owners, since 2004. Those letters address many of the most
common accounting questions raised in relation to properties that have completed
the M2M and/or DEMO restructuring process and the most common errors from prior
years’ filings. Letters have been mailed in hard copy to M2M and DEMO owners'
monthly billing addresses, emailed to accountants identified in FASS that have
filed M2M and/or DEMO AFSs, and have been emailed to HUD MF, REAC and DEC staff.
The letters are available in both PDF and WORD formats:
- The
Excel workbook was developed
as a tool to assist users searching for answers to M2M/DEMO accounting
questions. It consolidates all Q&As issued from 2004 through the
2007 Supplemental letter and may be searched and filtered more
easily than possible with 6 different Word files. Please refer
to the source documents (posted above) for introductory comments
which address timing and put individual letters into context.
OAHP staff have annotated in the Excel workbook when an answer
changed a prior decision (the source documents above are not modified).
We have also annotated questions that are similar, with significant
nuances. Look for the phrases "see also" or "superseded" in the
answer. Changes in formatting required that some answers be split
among 2 or more cells, so check to be sure you are reviewing the
ENTIRE answer (eg, column C lists the first question from 2005
as #1a and 1b because the entire answer did not fit in one cell).
Owners
(or their accountants) may also submit questions related to the M2M aspects of
the Annual Financial Statement (AFS)to the OAHP
Resource Desk.
OAHP
Resources
- Mark-to-Market
Rehabilitation Escrow Completion: This memo sets forth guiding principles
under which HUD will act to ensure the timely completion of the physical repairs
specified under each Rehabilitation Escrow Deposit Agreement (REDA). The memo
is available in PDF
only. (April
27, 2004)
- Clarification
of OAHP's 401.600 Waiver Policy: The documents below clarify OAHP's 401.600
Waiver Policy. Significant points are:(1) Owner cooperation is required for any
waiver; (2) Waivers will be granted for a minimum of 90 days, maximum 180 days;
(3) Owners who do not cooperate while under an above market interim contract will
find their rents reduced to market prior to expiration of the interim contract;
(4) Waivers will be requested only during the first week of every month through
Norman Dailey, OAHP Field Liaison; and (5) Sample 10 Day Notice to Cure Letters
are also attached.
- OAHP has released materials
from its communication and coordination efforts. These materials provide an overview
of the program and answer common questions about Mark-to-Market.
- Prospective Mark-to-Market owners may now evaluate how
their properties might be effected by the Mark-to-Market program by using this
Freeware evaluation MS Excel
Tool. A sample of the Freeware
Evaluation is also available. Any questions on the use of the software should
be sent to Rick Harris via e-mail
or at (202) 708-3856, ext. 3617.
- OAHP is discontinuing
attempts to close "consolidated restructuring plans." Memo
dated January 23, 2003.
- OAHP will not be offering additional
incentives to owners of "out year" properties (properties whose HAP contracts
have not yet expired). Research concluded that restructuring now is financially
preferable to waiting until an out year contract expires for most owners. Memo
dated January 22, 2003.
Other Resources
- REAC's
Submission and Review Requirements for Annual Financial Statements
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