REMINDER 2011 Annual Financial Statement Due
Owners are required to submit Annual Financial Statement as outlined in the project's Regulatory Agreement. The financial statement is due within sixty (60) days following the end of the project's fiscal year.
DUNS/CCR Owner Certification
Notice Requiring Owners to Obtain Dun and Bradstreet Numbering System (DUNS) Numbers and to Register in the Central Contractor Registration (CCR)
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Clarification of Project-Based Section 8 Utility Allowance Regulations
Please review these memos from HUD Headquarter, HUD LA and HUD SF providing clarification of Utility Allowance Regulations for Project-based Section 8 properties. Effective October 1, 2011, Owners are required to provide a utility analysis with a request for a rent adjustment regardless if there is an adjustment or no change to the current utility allowance. Rent adjustment submission will be withheld if a utility analysis is not submitted. Owner certification and PHA schedules of utility amounts are no longer accepted as valid utility analysis documentation.
Compliance & Reporting
CalHFA provides financing for multifamily projects through the sale of its tax-exempt revenue bonds. As required by Internal Revenue Code, the operation and management of each project financed through the issuance of tax-exempt bonds must be monitored throughout the Qualified Project Period to ensure compliance with the applicable provisions of State and federal law and with the Regulatory Agreement.
The agency oversees the multifamily projects in order to preserve their value, provide long term, quality affordable housing to tenants, protect the agency's assets and bondholder's investments. The project owners and agents are subject to the Regulatory Agreement and all other Loan Documents related to the project.
