
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 c...
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
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