Extensions for HUD Audited Financial Statements
The Office of Housing recently granted the Real Estate Assessment Center (REAC) the authority to approve thirty-day extensions of audited financial statements on a case-by-case basis, assuming the justification for the extension was for circumstances outside of the owner’s control.
According to previous reports, REAC approved most initial thirty-day extension requests. It is expected that additional requests of up to a total of sixty days are also likely to be approved. REAC is not, however, expected to approve any additional extensions unless there is “compelling justification” to do so, such as a natural disaster or fire.
All extension requests must be processed through HUD’s online system.
Thanks to Renee Bardenwerper and Will Lau for their assistance with this blog post.
Sources: REAC.gov, AHACPA.org
- Carey M. Heyman, CPA
- Managing Principal of Industry - Real Estate
- CliftonLarsonAllen LLP
- Century City (Los Angeles)
Carey is the Managing Principal of the Real Estate Industry at CLA. He is a trusted advisor with close to 20 years of experience providing accounting, assurance, tax, and consulting services to real estate industry owners, operators, family offices, developers and syndicators. Carey has a strong track record of helping clients build and retain capital by leveraging tax- and cost-saving strategies and employing tax credits and incentives. He also consults with high net worth individuals, large family groups, and owners of closely-held businesses on all aspects of tax planning, estate planning, and retirement planning.
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