Annual Audited Financial Statements

The California Department of Housing and Community Development (HCD) and the California Housing Finance Agency (CalHFA) have launched a joint Audited Financial Statements Handbook for projects administered under both Departments either jointly or individually. Audits submitted to HCD or CalHFA after July 1, 2013 must adhere to this joint Audited Financial Statements Handbook. Audits are still required to be submitted to both HCD and CalHFA for jointly funded projects and to the respective department for individually funded projects.

HCD and CalHFA are coordinating selected administrative functions such as the joint Audited Financial Statements Handbook to improve the State's ability to serve and coordinate housing needs and to achieve administrative efficiencies.

Since Audits will now contain the essential information previously reported on HCD Annual Report forms AMC 180, 181 and 182, HCD funded projects required to submit Audits will no longer be required to submit these forms. HCD projects not required to submit Audits will still be required to submit these forms to HCD. Refer to the HCD website for updates. Audits (except for project-based HUD Section 8 contracts administered by CalHFA) must now report the Distribution of Operating Cash Flow/Surplus Cash identically for both HCD and CalHFA (see Audited Financial Statements Handbook pages A-26 & A-27). Please share this information with associated parties.